- NZD/USD upside move fails at 0.6000 before retreating to 0.5940.
- The kiwi posts a mild upside attempt amid an improved market sentiment.
- The USD picks up as the US Senate approves a new COVID-19 aid pack.
The New Zealand dollar’s upside move seen earlier today has been rejected at 0.6000. The pair lost ground during the US trading session, to hit session lows at 0.5940, as the US dollar regained momentum, turning negative on the daily charts.
The kiwi loses ground as the USD picks up
The NZD managed to crawl higher earlier today, favoured by a brighter market sentiment, with the main stock markets trading in green. The pair, however, failed to extend gains beyond 0.6000 and turned lower, giving away ground, to hit session lows at 0.5940 so far.
The NZD/USD lost traction during the US session, with the greenback bouncing up against its main peers. The investors have welcomed the US Senate’s decision to pass a $484 billion bill to support small businesses and hospitals hit by the COVID-19 pandemic.
NZD/USD looking for support at 0.5930/40
On a technical perspective, the pair seems to have found support at 0.5940, right above 0.5930, April 21 low. Below here, a key support level lies at 0.5920 (April 16 low) and then April 3 low at 0.5840. On the upside, immediate support lies at 0.6000 (Intraday high) and then 0.6090 (April 20 high) and 0.6130 (April 14 high).
NZD/USD key levels to watch
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