5 Sep 2013
NZD/USD struggling to stay above 0.79
FXstreet.com (Barcelona) - The NZD/USD foreign exchange rate is last trading at 0.7906 up +2.3% for the week so far on Kiwi strength as it is second strongest currency among majors just below Aussie.
NZD/USD taking a brief respite
“The Kiwi is currently testing a key resistance level at the 50-day moving average after making a stunning recovery this week,” said Research Director at FOREX.com Kathleen Brooks, adding: “The commodity bloc of currencies has been in recovery mode this week and these currencies are the best performers so far this week versus the dollar in the G10. But is this just a brief respite, or could the Kiwi have made a meaningful low? We think it is the latter.”
NZD/USD key technical levels
Immediate support to the downside for NZD/USD lies at recent session lows 0.7884, followed by August 26 highs at 0.7876, and Tuesday's/past Thursday's highs at 0.7840. To the upside, closest resistance shows at recent session highs 0.7916, followed by yesterday's fresh 2-week highs at 0.7927, and August 13 lows at 0.7934.
NZD/USD taking a brief respite
“The Kiwi is currently testing a key resistance level at the 50-day moving average after making a stunning recovery this week,” said Research Director at FOREX.com Kathleen Brooks, adding: “The commodity bloc of currencies has been in recovery mode this week and these currencies are the best performers so far this week versus the dollar in the G10. But is this just a brief respite, or could the Kiwi have made a meaningful low? We think it is the latter.”
NZD/USD key technical levels
Immediate support to the downside for NZD/USD lies at recent session lows 0.7884, followed by August 26 highs at 0.7876, and Tuesday's/past Thursday's highs at 0.7840. To the upside, closest resistance shows at recent session highs 0.7916, followed by yesterday's fresh 2-week highs at 0.7927, and August 13 lows at 0.7934.