NZD/USD: Bulls Conquer 0.68 Handle, What Next?
The overnight recovery from seven-month lows gained further traction in
the Asian session, as risk sentiment recovers after oil prices stabilize
in the positive territory.
NZD/USD sees a 40-pips rally
Currently, the NZD/USD pair
trades 0.59% higher at 0.6796, hovering close to three-day highs posted
at 0.6805 earlier in Asia. The Kiwi extends its bullish run into a
second day today, staging a solid bounce from ahead of 0.67 handle, as
the bulls completely ignore mixed Asian markets and subdued oil prices.
The rebound in the NZD/USD pair seen last Friday was triggered by
expectations of cooling housing prices in New Zealand following a jump
in the migrants entering the Kiwi nation. Meanwhile, nothing of note for
the major today and hence, focus remains on the broader market
sentiment for fresh incentives.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6825/46 (20 &
50-DMA), above which it could extend gains to 0.6900 (round number). To
the downside immediate support might be located at 0.6765/63 (daily low/
5-DMA) and from there to at 6700/0.6660 (round number/ 200-DMA).
