FXStreet (Mumbai) – The bears have almost lost the grip as we progress towards the American opening bells, driving NZD/USD beyond 0.6700 levels.
NZD/USD: recovered almost 100 pips
Currently, the NZD/USD pair trades modestly flat to 0.6700, easing-off fresh daily highs recorded at 0.6713 in last hours. The NZD/USD pair staged a solid recovery from near 0.6620 region, and finally clinches the daily pivot located at 0.6700 on the back of a short-covering rally ahead of the US Q3 GDP data due out shortly.
The Kiwi slumped nearly 100 pips to fresh two-week lows ahead of 0.66 handle in overnight trades, after the RBNZ policy statement left doors open for further easing in months ahead and talked down the NZD.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6713/24 (today’s high + 1h 50-SMA), above which it could extend gains to 0.6749/50 (1h 100-SMA + round number) levels. To the downside immediate support might be located at 0.6623 (today’s low) below that 0.6547 (100-DMA).
(Market News Provided by FXstreet)