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)
