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NZD/USD off day’s peak, still holding in green at 0.6790

11:46 23 May /2016 Forex

The NZD/USD pair extended its last week's recovery from 100-day SMA support and from over 2-month low of 0.6710 for a second trading session on Monday.

The pair on Monday rose to 0.6800 handle before retracing few pips to currently trade at 0.6790, up around 0.4% for the day. The pair gained despite of the prevailing risk-off sentiment across various asset classes. Receding speculations of an imminent RBNZ rate-cut could have been the catalyst for pair's up-move on Monday.

From technical perspective, the pair has been oscillating within a broad trading range between 50-day and 100-day SMA region. Hence, it would be prudent to wait for a decisive break through the current trading range before confirming the pair's near-term direction.

Technical levels to watch

On a sustained trade above 0.6800-0.6810 immediate resistance, the pair seems to head towards testing the upper end of the trading range resistance at 50-day SMA, currently near 0.6835-40 region. A decisive strength above 50-day SMA resistance seems to pave way for an immediate up-move towards 0.6885 resistance.

On the flip side, weakness below 0.6765 immediate support seems to drag the pair immediately towards 0.6740 and the fall could further get extended back towards the very important 100-day SMA support near0.6720-15 region. A clear break below 0.6700 handle now seems to trigger a fresh wave of near-term weakening trend for the pair.

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