NZDUSD Approaches Key Resistance

NZDUSD has made a new 5-week high today as the price climbed above the $0.6400 mark. The major resistance block is located just 20 pips higher as all commodity currencies trade higher against the USD buoyed by improved investor appetite for riskier assets.

Special free webinar for traders: Price Action & Market Structures for 2019. Register now.

The improved risk appetite has seen commodity currencies higher today, with the kiwi making biggest gains against the USD. The price has climbed above the $0.6400 mark for the first time in the previous 5 weeks, despite the lower-than-expected consumer spending data for September. The data came in at 4.8%, compared to 6% registered in September.

On the upside, the bulls are bracing for a test of the major resistance block, sitting between $0.6430 – $0.6450. The 100 DMA comes at $0.6481, a few pips below the previous swing low of $0.6485.

The 4-year low of $0.6204 will continue to act as the major prize for the bears having in mind that the last time the NZDUSD traded below $0.6197 was back in 2009.Download our latest quarterly market outlook for our longer-term trade ideas.

Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.