NZD/USD Finds Support Around 0.6750
The kiwi erased gains versus the US dollar and dropped to fresh daily
lows. The New Zealand currency weakened in the market since the European
session and also reversed the intraday trend against the aussie.
NZD/USD peaked
during the Asian session at 0.6807, reaching the highest level since
last Wednesday but then weakened and turned to the downside. Recently it
reached a fresh low at 0.6747, currently it trades at 0.6760/65, the
same level it closed on Friday.
Supports at 0.6710 & 0.6750
Today the pair found support around the 0.6750 that is a relevant
technical level in the short-term; a confirmed break below would expose
the next zone that is the 0.6710 - 0.6700 area where the lows of the
previous two weeks are located. If NZD/USD falls under 0.6700 it would
be trading at the lowest since March.
On the opposite direction, immediate resistance is seen at 0.6805/10
(daily high / April 27 low), 0.6845 (May 11 and 13 high) and 0.6875 (Mar
18 high).
