12 Aug 2015
NZD/USD rebounds from 6-year lows
FXStreet (Córdoba) - NZD/USD rose further during the last hours extending the recovery from 6-year lows and reached the strongest level in almost two weeks at 0.6648.
On Asian hours it dropped sharply to 0.6468 after another decline of the Chinese Yuan against the US dollar and amid risk aversion. Then managed to stabilize above 0.6500 and started to rally during the European session.
Currently is hovering around 0.6630, up 1.5% for the day and more than 150 pips above daily lows.
NZD/USD outlook
From a technical perspective, the pair is making a strong bounce and it could open the door for a mayor bullish correction if it stabilizes above the important resistance zone located around 0.6630/40, where last week high lie.
The long term trend continues to favor the US dollar and it could resumed the upside if NZD/USD is unable to hold above 0.6600.
On Asian hours it dropped sharply to 0.6468 after another decline of the Chinese Yuan against the US dollar and amid risk aversion. Then managed to stabilize above 0.6500 and started to rally during the European session.
Currently is hovering around 0.6630, up 1.5% for the day and more than 150 pips above daily lows.
NZD/USD outlook
From a technical perspective, the pair is making a strong bounce and it could open the door for a mayor bullish correction if it stabilizes above the important resistance zone located around 0.6630/40, where last week high lie.
The long term trend continues to favor the US dollar and it could resumed the upside if NZD/USD is unable to hold above 0.6600.