NZD USD moving around remarkable distance
12/20/2016 11:46:38 AM
The NZD/USD pair stayed well offered for the 5th successive session and moved within remarkable distance of 0.6910 handle.
At present trading about 0.6927 area, having posted a session low at 0.6917 level, the pair reached its lowest level since June 7 as rising expectations of faster Fed rate-hike action in 2017, following last week’s hawkish Fed forecast, keep on to weigh heavily on higher-yielding currencies - like the Kiwi.
A search over selling pressure below session low support near 0.6910 area appears to take the pair below 0.6910 round figure mark towards 0.6895 support ahead of 0.6795 handle. On the other hand, any recovery effort might now confront persistence near 0.6945 level above which a fresh bout of short-covering could boost the pair towards 0.6985 persistence.
FOREX Fundamental Analysis
Written by FxErvin