NZD/USD testing support at 0.6900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Kiwi dollar is trading on a negative note today, sending NZD/USD to challenge the critical support at 0.6900 the figure.

    NZD/USD retreats from YTD peaks

    After hitting fresh multi-month highs around 0.6970 on Wednesday (last seen in id-June 2015), spot has surrendered part of those gains and has returned to the 0.6900 neighbourhood early in the European morning.

    A continuation of USD weakness remains the exclusive driver behind the pair’s recent upside, along with a better tone in the commodity-space.

    NZD/USD relevant levels

    As of writing the pair is losing 0.27% at 0.6902 facing the next hurdle at 0.6964 (2016 high Mar.30) ahead of 0.7234 (monthly high Jun.10 2015) and finally 0.7631 (monthly high May.1 2015). On the other hand, a breach of 0.6754 (20-day sma) would expose 0.6667 (low Mar.28) and finally 0.6612 (200-day sma).
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