NZD/USD Breaks Massive Macro level at 0.69

NZD/USD Breaks Massive Macro level at 0.69

30 March 2016, 10:12
Roberto Jacobs
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NZD/USD Breaks Massive Macro level at 0.69

NZD/USD has broken a massive macro resistance at 0.69, one that capped buyers numerous times in the last 6 months, resulting on stops all triggered, sending the rate over 50 pips higher from its round umber break, setting its highest at 0.6965, last seen in June 22nd 2015.

Yellen triggers USD selling frenzy

The theme this morning in Europe remain to sell the USD outright after Fed's Yellen maintained her dovish stance on monetary policy. The Fed Chairwoman warned "caution in raising rates is especially warranted," although the comment that broke the camel's back and led to total loss of faith on the USD was when Yellen said that the "Fed has considerable scope for stimulus if needed."

NZD/USD Key Levels

In terms of key levels for the day, the next target for bulls is at 0.70 round number, which should cap initial tests given the overstretched nature of the bullish move. Above 0.70, the next macro level comes at 0.7180/0.72 (double bottom February 2015). On the downside, 0.6950 is immediate support followed by 0.69 broken resistance.

(Market News Provided by FXstreet)

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