NZD/USD Recovery Remains Confined Below 0.6800
The overnight recovery in the NZD/USD pair
lost steam just shy of 0.68 barrier, and the prices drifted slightly
lower thereon, as bull remain depressed by the selling in the Asian
markets.
NZD/USD rejected at 20-DMA
Currently,
the NZD/USD pair trades 0.10% higher at 0.6783, testing lows posted at
0.6780 last minutes. The Kiwi trims gains and now mires near session
lows as the risk-off moods surrounding the Asian equities overshadow the
optimism spurred by the oil price rebound.
Moreover, the rising
demand for the greenback against its six major peers on less dovish
comments from the Fed Chair Yellen, also keep the bird in check.
Meanwhile, the US dollar index advances 0.10% at 94.60 levels.
Moving
on, the major will continue to track the broader market sentiment,
while Fed speaks will be closely heard in absence of significant US
economic data in the day ahead.
NZD/USD Levels to consider
To
the upside, the next resistance is located at 0.6800/04 (round number/
5-DMA), above which it could extend gains to 0.6845/50 (10-DMA/
psychological levels). To the downside immediate support might be
located at 0.6736/26 (daily S1/50-DMA) and from there to 0.6687
(100-DMA).
(Market News Provided by FXstreet)
