NZD/USD accelerates towards day's high; 0.7200 on the table

Jose Ricaurte Jaen Analista independiente

Currently, NZD/USD is trading at 0.7186, up +0.88% on the day, having posted a daily high at 0.7200 and low at 0.7118.

Despite the bearish bias, the NZD/USD managed to protect its bunkers full of gains against the latest dollar recovery. To note, Initial Jobless Claims printed a relative decent figure at 234K which is a positive result from previous and consensus. US data + Fed's Yellen hawkish tone was the winning formula to drag the Kiwi lower towards 0.7115, however, the pair held this horizontal support and made a strong comeback in the last trading hours to recover 65-pips.

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Technical levels to watch

In terms of technical levels, upside short-term barriers are aligned at 0.7200 (psychological mark), and above that at 0.7220 (horizontal resistance). While supports are aligned at 0.7150 (near 100-SMA) and below that 0.7115 (today's low). On the other hand, Stochastics (5,3,3) steps into the overbought territory which indicates this New Zealand push to the upside may be exhausted.

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Author

Jose Ricaurte Jaen

Analista independiente

Born in Colón (Panamá). Over the last years, he has been designing currency algorithms for the retail industry.

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