NZD/USD respects round levels

Source: Dukascopy Bank SA


On December 15, the NZD/USD currency exchange rate ended a 515 base point or 7.15% decline from 0.7220. The decline ended at the 0.6700 mark, which provided support on three trading sessions. Meanwhile, resistance has been found in a zone that surrounds the 0.6850 mark.

Most recently, the rate bounced off the 0.6850 zone and began a decline, which on January 7 appeared to be heading to the 0.6700 level.

A move below the 0.6700 mark, the currency pair might look for support in the 0.6650 and 0.6600 levels, before reaching the lower trend line of the massive scale channel down pattern. The pattern has been guiding the rate since November 2020.

On the other hand, a surge of the NZD against the USD might find resistance in the zone near 0.6850. In addition, note the approaching 50-day simple moving average near 0.6892. By the time that a recovery would reach the 0.6850 level, the SMA could catch up. Above the 0.6850 mark, resistance is likely to be found in round exchange rate levels.
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