NZD USD preserved its sturdy gains
12/8/2016 8:27:55 AM
The NZD/USD pair preserved its strong bid tone for the 2nd successive session and skipped back above 100-day SMA to hit a 4-week high. The pair, though, has recoiled from session peak and is currently floating around 0.7210 handle.
From current levels, 0.7230 looks to act as immediate persistence above which the pair is likely to dart towards 0.7270 persistence area on the way its next major obstacle near 0.7310 handle. On the downside, 0.7170 area now becomes immediate support to defend, which if broken is expected to speed up the slide towards 0.7130 support before the pair finally breaks below 0.7105 handle and aim towards testing 0.7075 strong horizontal support.
Written by FxErvin