NZD/USD recovers from 1-week lows

Matías Salord FXStreet

NZD/USD dropped earlier and fell momentarily below 0.7000, weakened after breaking the 0.7015 support area. It bottomed at 0.6993, the lowest in a week. The pair then bounced to the upside, amid a decline of the US dollar in the market.

Currently, the pair is trading at 0.7030/35, around daily highs and also marginally above yesterday’s closing price. The kiwi has been able to erase losses and to rise back above an important technical level.

NZD/USD still holds a bearish tone in short-term charts, but with the recent rally technical indicators turned to the upside. On a wider perspective, the pair remains near the 20-day moving average, that stands at 0.7020.

From a fundamental perspective, the vote regarding the health care bill in US Congress is the major event of the American session.

AUD/NZD consolidates important weekly losses

Against the aussie, the kiwi is about to end the week with important gains. After rising during three consecutive weeks, AUD/NZD made a sharp correction. Last week the pair reached 1.1018 and currently is hovering around 1.0840.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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