- NZD/USD rebounds modestly from 0.6720 as bearish bias remains intact.
- A retreat of the US dollar favored the move off lows.
The NZD/USD pair trimmed losses during the last hours, after the greenback lost momentum across the board. The pair bottomed earlier today at 0.6723 and as of writing was trading at 0.6735, down 10 pips from Friday’s close.
The short-term bias was still to the downside but the recent move off lows eased the pressure. The kiwi remains near July lows and to the 0.6700 area that is a strong support zone. A break lower could accelerate the slide. The main driver of the NZD/USD slide was a stronger US dollar. The Dollar Index rose to 95.50, approaching 2018 highs and a key technical resistance but failed to break higher and pulled back.
AUD/NZD reached a 1-month high today, ahead of the RBA (Tuesday) and RBNZ (Wednesday after NY close) meetings. The kiwi is among the worst performers, however the decline so far on Monday has been moderated.
NZD/USD Technical levels
To the upside, resistance levels might be located at 0.6745, 0.6785 and 0.6810. On the flip side, support could be seen at 0.6720 (last week low), 0.6685 (Jul low) and 0.6650.
Share
