NZD/USD Finds Support Around 0.6750

NZD/USD Finds Support Around 0.6750

23 May 2016, 18:37
Roberto Jacobs

NZD/USD Finds Support Around 0.6750

The kiwi erased gains versus the US dollar and dropped to fresh daily lows. The New Zealand currency weakened in the market since the European session and also reversed the intraday trend against the aussie.

NZD/USD peaked during the Asian session at 0.6807, reaching the highest level since last Wednesday but then weakened and turned to the downside. Recently it reached a fresh low at 0.6747, currently it trades at 0.6760/65, the same level it closed on Friday.

Supports at 0.6710 & 0.6750

Today the pair found support around the 0.6750 that is a relevant technical level in the short-term; a confirmed break below would expose the next zone that is the 0.6710 - 0.6700 area where the lows of the previous two weeks are located. If NZD/USD falls under 0.6700 it would be trading at the lowest since March.

On the opposite direction, immediate resistance is seen at 0.6805/10 (daily high / April 27 low), 0.6845 (May 11 and 13 high) and 0.6875 (Mar 18 high).


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