Home NZD/USD Price Analysis: Kiwi getting tired of pressuring near recent top at the 0.6600 area
FXStreet News

NZD/USD Price Analysis: Kiwi getting tired of pressuring near recent top at the 0.6600 area

FX Street
Updated:
  • Kiwi continues to pressure the 0.6600 area, unable to break higher.
  • Highest weekly close since January supports NZD/USD bullish bias.

The NZD/USD continues to trader near 0.6580/0.6600 but unable to break clearly above. Such a breakout is needed for the kiwi to gain strength and extends the rally toward 0.6700.

The daily chart shows some exhaustion signs for NZD/USD, as the Momentum indicator turning south, still price remains well above its key moving averages. The key support is seen in the band 0.6490 (horizontal support) and 0.6480 (20-day moving average).

The kiwi is about to post the highest weekly close since January and it points to more strength ahead. The bullish momentum in the weekly chart will hold as long as NZD/USD does not post a close under 0.6500.

NZD/USD daily chart

nzdusd

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024