Commodity currencies are on the rise on Monday, while the greenback trades broadly lower, as Brexit concerns eased over the weekend, providing respite to risk-on trades.
NZD/USD gained over 70 pips throughout the day and reached its highest level since Jun 9 at 0.7130 in recent dealings, underpinned by rises in commodities and stocks around the globe. At time of writing, the pair is trading at 0.7120, recording a 0.91% daily gain.
NZD/USD levels to watch
As for technical levels, a break above 0.7130 could pave the way toward 0.7147 (Jun 9 high) and then 0.7165 (100-week SMA). On the other hand, supports are seen at 0.7049/46 (Jun 21 low/10-day SMA), 0.7032/30 (Jun 17 & 13 lows) and 0.7000 (psychological level).
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