NZD/USD Rises Further Toward 0.6850

NZD/USD Rises Further Toward 0.6850

11 May 2016, 18:46
Roberto Jacobs

NZD/USD Rises Further Toward 0.6850

NZD/USD rose further during the American session amid a weak US dollar across the board. The pair extend gains and printed a fresh high at 0.6845.

NZD outperforming

The kiwi is among the top performers on Wednesday after strengthening on Asian hours after the release of the Financial Stability Report from the Reserve Bank of New Zealand, that reduced expectations of an imminent rate cut. NZD/USD rallied on from 0.6760 to 0.6825 with the report and then pulled back.

Recently it gained momentum and turned to the upside, breaking previous highs and climbed to 0.6844, level located slightly below Tuesday's high that lie at 0.6848. At the moment, it trades at 0.6838/42, up 1.15% for the day.

NZD/USD technical levels

To the upside, resistance levels might be seen at 0.6848/50 (May 9 high), 0.6860 (May 4 low) and 0.6895 (20-day moving average). On the opposite direction, support could be located at 0.6825 (Asian session high), 0.6775/80 (European session low) and 0.6760 (daily low).


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