NZD/USD Finds Resistance Below 0.6880

NZD/USD Finds Resistance Below 0.6880

25 April 2016, 18:42
Roberto Jacobs

NZD/USD Finds Resistance Below 0.6880

NZD/USD remains near last week lows, currently trading near 0.6850, around the same level it closed on Friday. The pair failed to hold to gains after the Kiwi weakened across the board, on the beginning of a busy week with Fed and RBNZ decisions.

The pair rose earlier on Monday and peaked during the European session at 0.6877. Afterwards, it tested daily highs but failed to break higher and lost momentum. It erased daily gains and dropped back toward last week lows. On Friday it bottomed at 0.6834, the lowest since April 14.

The kiwi is also falling against the aussie with AUD/NZD trading less than 5 pips below last week highs. Currently, it stands at 1.1260. A few pips higher could put the price at the strongest level in a month.

NZD/USD levels to watch

To the downside, immediate support levels might be seen at 0.6835 (Apr 22 low), 0.6820 (Apr 14 low) and 0.6755/60 (April low). On the opposite direction resistance could be located at 0.6875/80 (daily high / 20-day moving average), 0.6950 (Apr 13 high) and 0.6980 (Apr 21 high).


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