FXStreet (Córdoba) – NZD/USD recently printed a fresh daily low at 0.6507 but it continues to move sideways above the 0.6500 area that continues to offer support.
NZD/USD consolidating
The 0.6500 zone continues to be the key support. The pair tested the mentioned area several times during the last week but it managed to remain above. Today NZD/USD peaked at 0.6553 and then bounced to the downside. Currently is trading at 0.6518/24, 20 pips below the level it had at the beginning of the day.
As it did during the previous days, the pair continues to consolidate. It is about to end the week unchanged after moving between 0.6500 and 0.6590. So far it has been the lowest trading range in months.
NZD/USD technical levels
To the downside, support might be located at 0.6500 (psychological level) and below at 0.6475 (Oct 6 low) and 0.6415 (Sep 3 high). On the opposite direction, resistance might be seen at 0.6590-0.6600 (upper limit of weekly trading range) and 0.6620 (Oct 28 low).
(Market News Provided by FXstreet)