- NZD / USD has rebounded sharply from pre-session lows in the US at 0.7170 after finding support at Monday’s low.
- The rally from the lows came primarily as a result of USD weakness.
The pair NZD / USD it has recovered sharply from the lows prior to the US trading session at 0.7170. It has apparently found strong support around Monday’s low and last Friday’s European session high at 0.7180. Also note that the 21-day moving average is also at 0.71858, which probably offered some support as well.
Friday’s price action confirmed this week’s range conditions, with NZD / USD now having seen a double bottom around 0.7180 this week and a double top at 7255. Looking ahead, as conditions break consolidation that have prevailed this week, a breakout from either side of this range could act as an indicator of short-term direction.
Driving the day
The NZD / USD rose from lows primarily as a result of widespread USD weakness, which was also seen in other major USD exchange rates on Friday. Currently, the pair is down 0.1% on the day near 0.7220, despite New Zealand Prime Minister Ardern announcing during the Asia Pacific session that the country’s first batch of the Pfizer / BioNTech vaccine would arrive. next week, sooner than expected. While that may be good news, the country still lags far behind other major developed economies in terms of its vaccine launch (it hasn’t even started yet!).
Technical Levels
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