NZD USD developing to its recovery back
11/25/2016 9:31:23 AM
The NZD/USD pair expanded Thursday's recoil from four month lows and is now developing to its recovery back above 0.7010 psychological mark.
Now trading at a fresh session peak, floating around the very important 200-day SMA near 0.7040 region, a broad based USD retracement is helping the pair to register a fair recovery on Friday. Furthermore, the common risk-on mood is more benefitting riskier assets/higher-yielding currencies - like the Kiwi.
From current levels, up-move beyond 0.7060 horizontal persistence could get expanded towards weekly high persistence near 0.7075 area above which the pair looks all set to surpass 0.7100 handle and head towards testing 0.7120 persistence area. On the downside, improved selling pressure below 0.7030, leading to a succeeding break below 0.7010 round figure mark, would confirm near-term bearish trend and is likely to drag the pair immediately towards 0.6948 horizontal support before darting towards 0.690 round figure mark.
Written by FxErvin