NZD/USD Approaches April Highs

NZD/USD Approaches April Highs

2 May 2016, 18:17
Roberto Jacobs

NZD/USD Approaches April Highs

NZD/USD hit the highest level in almost two weeks at 0.7023, but so far it has been unable to consolidate on top of 0.7000. The pair still holds a bullish tone amid a weak US dollar across the board.

Currently, it trades at 0.7010, up 0.45% for the day so far. It is the fourth daily gain in a row as it continues to approach April highs located at 0.7053. A break higher would put the price at the strongest since June of last year and could give further momentum to the kiwi.

Remains in a bullish channel

The pair continues to move within an uptrend channel formation since January. The mentioned formation has the key support currently at 0.6760/90, where the uptrend stands, the bullish bias would remain intact as long as price holds on top of the mentioned level.

On the opposite direction, resistance could be seen at the upper limit of the channel, at the moment at 0.7100/30; a break higher could trigger an acceleration.


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