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NZD/USD wavers in a 40-pips range below 10-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The NZD/USD pair extends its choppy trend into the Asian trades this Thursday, unable to find a clear direction as sentiment remains mixed, despite higher oil prices.

    NZD/USD supported at 0.6800

    Currently, the NZD/USD pair trades 0.15% lower at 0.6816, having posted day’s high at 0.6839 and day’s low at 0.6805. The Kiwi trades with a bearish bias, as deteriorating market sentiment amid mixed Asian equities curb the appetite for risk and hence, weigh on the higher-yielding/risk currency NZD.

    However, the losses remains restricted on the back of persistent weakness surrounding the US dollar against a basket of major currencies, following a more dovish tone reflected by the FOMC minutes.

    Nothing relevant for the bird this session, and hence, attention shifts towards the US session, which offers the US unemployment claims data.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6845/50 (10-DMA/ psychological levels), above which it could extend gains to 0.6900 (round number). To the downside immediate support might be located at 0.6723/18 (50-DMA/ daily S3) and from there to 0.6685 (100-DMA).
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