NZD/USD Hits 1-Week Highs and Losses Momentum

NZD/USD Hits 1-Week Highs and Losses Momentum

31 May 2016, 18:17
Roberto Jacobs
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NZD/USD Hits 1-Week Highs and Losses Momentum

NZD/USD has been moving all day with a bullish bias and during the American session it climbed to 0.6776 hitting the strongest level since May 23. Afterwards it pulled back and it was trading at 0.6760, up 1.02% for the day, having the best performance in a month.

Recently it lost momentum amid risk appetite but remained in positive ground like commodity prices.  Stocks in Wall Street turned to the downside. The Dow Jones hit 6-day lows and it was falling 0.40%.

NZD/USD: testing 0.6770

The pair attempted to break above the relevant resistance area located around 0.6770. A consolidation on top would open the doors for more gains exposing the next relevant resistance at 0.6800/05.

Price is likely to holds a bullish in the next hours as long as it holds above 0.6730/35; a break lower would expose 0.6700 and then daily lows that lie at 0.6688.

Against the aussie, the kiwi made a strong intraday reversal and is now rising. AUD/NZD dropped from 1.0776 below 1.0700, the lowest level since last Thursday.


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