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20 Aug 2015
NZD/USD eyes 0.6650 resistance
FXStreet (Córdoba) - NZD/USD was favored by the decline of the US dollar in the market and gained momentum rising back above 0.6600 initially and is now approaching the 0.6650 area, that capped the upside last week. Greenback is the worst performer during the American session so far amid expectations that the Federal Reserve will not raise interest rates in September after yesterday's FOMC minutes.
NZD/USD technical outlook
If the kiwi manages to break above 0.6650 it would be trading at the highest level since July 31 and it would be breaking a trading range between 0.6500 and 0.6650 that persists since the begging of the month. To the upside, the next level to watch would be 0.6700/10.
The pair continues to move sideways in the short-term, consolidating after falling sharply during the second quarter. Last week it bottomed at 0.6465, (lowest level since 2009) but once again greenback was rejected from levels under 0.6500.
The current period of consolation is likely to remain in place as long as price holds above 0.6500 and below 0.6800.
NZD/USD technical outlook
If the kiwi manages to break above 0.6650 it would be trading at the highest level since July 31 and it would be breaking a trading range between 0.6500 and 0.6650 that persists since the begging of the month. To the upside, the next level to watch would be 0.6700/10.
The pair continues to move sideways in the short-term, consolidating after falling sharply during the second quarter. Last week it bottomed at 0.6465, (lowest level since 2009) but once again greenback was rejected from levels under 0.6500.
The current period of consolation is likely to remain in place as long as price holds above 0.6500 and below 0.6800.