NZD/USD: Bullish Momentum Stalls Around 0.67

NZD/USD: Bullish Momentum Stalls Around 0.67

28 March 2016, 12:20
Roberto Jacobs

NZD/USD: Bullish Momentum Stalls Around 0.67

The oil driven bullish move in the NZD/USD appears to have stalled in Europe, with pair struggling to extend gains above 0.67 levels.

Focus on oil ahead of US data

The spot recovered from the low of 0.6668 as the NZD and other commodity currency were boosted by the rally in oil prices. The focus remains on the oil ahead of the data release in the US, which could show the personal spending and income growth slowed in February.

Kiwi suffered losses last week on the back of a hawkish talk from Fed officials and dovish RBNZ.

NZD/USD Technical Levels

The immediate hurdle is noted at 0.6738 (hourly 200-MA), above which the pair could target 0.6775 (Feb 26 high). On the other hand, a breakdown of immediate support at 0.6668 (daily low) would open doors for a slide to confluence of 50-DMA and 100-DMA at 0.6638.

(Market News Provided by FXstreet)

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