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).
