NZD/USD Peeps Above 0.68 Handle

NZD/USD Peeps Above 0.68 Handle

11 April 2016, 05:32
Roberto Jacobs

NZD/USD Peeps Above 0.68 Handle

NZD/USD extended Friday’s advanced and jumped above 0.68 handle as commodity currencies are being supported by sharp rise in oil.

Supported by hourly 50-MA

Pair found bids around hourly 50-MA level of 0.6798 following which it rose to a high of 0.6821 levels. The bird closed on a positive note at 0.6799 on Friday. A 6% rise in oil prices saw commodity currencies gains an upper hand against the US dollar.

The bullish sentiment remained intact in early Asia. However, the spot has not been able to challenge Friday’s high of 0.6830 yet. The currency pair currently trades around 0.6815 levels.

NZD/USD Technical Levels

The immediate hurdle is noted at 0.6840 (10-DMA), above which the spot could target 0.6862 (Apr 7 high). A break higher would expose 0.6874 (Mar 18 high). Conversely, failure to sustain above 0.6798 (hourly 50-MA) would open doors for 0.6759 (Apr 5 low). A violation there would expose 0.6712 (50-DMA).

(Market News Provided by FXstreet)

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