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NZD/USD: technical layout

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Since the very beginning of the month, NZD/USD has been trading under a firm resistance of 0.6650. It was formed on October 1, re-visited on October 2 and 5, and currently, the price is coming to it again. From the downside, we have the support of 0.6630 formed recently and reinforced by 100-MA. The overall direction is sideways while the market is pretty quiet in this currency sector.

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Therefore, in the midterm, watch 0.6655 for breakouts – that may be a good indicator that NZD wants to go to 0.67 and above against the USD. Alternatively, crossing 0.6630 downwards would mean that the currency pair may drop to the depths of 0.65 – 0.6515 again.

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FBS Analyst Team

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