2 April 2016, 15:27
David Joseph

The New Zealand Dollar managed to end the month above 0.6900 major resistance, confirming a break higher from a 7-month range trading.

Looking at the biggest picture, the focus was on the weekly resistance zone of 0.6880/0.6900 levels in order to confirm the next directional move in this pair.

Yesterday, the pair did an attempt to break above this week high around 0.6965 but failed again. In the same time, the pair continue to trade above 0.6880 support level, consequently, the outlook remains bullish in this pair and a rally towards 0.7000-0.7100 is likely to happen.

In the flipside, 0.6880-0.6840 levels are considered as the hourly support zone, and should give a strong boost to the pair in the near-term.

The U.S jobs report will be crucial today and will confirm if the kiwi will rally directly from the current levels or do a short-term retracement lower before another wave to the upside to happen.

Support: 0.6900-0.6880-0.6840

Resistance: 0.6950-0.7000-0.7100
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