NZD/USD trims weekly losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    NZD/USD surged after the beginning of the American session and climbed from below 0.6600 to 0.6756, reaching the highest level since the Reserve Bank of New Zeland rate cut surprise.

    The pair is holding near the highs, currently trading at 0.6742/46, up 1.30% for the day. Despite today’s rally NZD/USD remains on negative territory for the week affected by the RBNZ decision. At current levels, price is 70 pips below last week close.

    Greenback is the worst performer during the American session affected by risk appetite. Stocks in Wall Street are posting strong gains. The Dow Jones is up 1.25% and the Nasdaq gains 1.37%. Main European indexes ended with gains of 1.5% to 3%.

    NZD/USD technical level

    To the upside, resistance levels might be located at 0.6755 (daily high), 0.6815/20 (last week high) and 0.6895 (Oct high). To the opposite direction, support might now be seen at 0.6710/15 (March 10 high) 0.6670 and 0.6635/40 (daily low).
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