NZD/USD Recovery Finds Resistance at 0.6750
NZD/USD managed
to move off daily lows during the last hours but the recovery found
resistance at 0.6750 and currently it trades at 0.6735/38, down 0.32%
for the day. The pair is falling after printing minor gains during the
previous three days.
A stronger US dollar across the board weakened NZD/USD. It bottomed
during the Asian session at 0.6705, the lowest level since March 28 and
then bounced to the upside.
NZD/USD levels to watch
Despite the recent recovery, momentum continues to favor the US dollar.
The area above 0.6700 is a key short-term support that capped the
decline several times during May; a break lower could open the doors to
the next support located at 0.6665/70.
If NZD/USD managed to rise above 0.6750 it could gain momentum to extend
the recovery; but only a consolidation on top of 0.6830/40 (20-day
moving average / last week highs) would give signals of a stronger
recovery.
