NZD/USD wavers in 15-pips tight range

The NZD/USD pair is seen fluctuating between gains and losses so far this session, although manages to hold above 0.6905, key confluence of 5 & 10-DMA.

NZD/USD: Making lower highs on hourly sticks

Currently, the NZD/USD pair trades +0.13% at 0.6929, having posted a day’s high at 0.6932 and daily low at 1.6916. The bulls appear to have taken a breather in the Asian session, consolidating the solid rally witnessed a day before.

The NZD/USD pair is seen trying hard to build onto yesterday’s rally amid broad based US dollar weakness, but further upside remains restricted amid risk-off market profile, in wake of tumbling Asian stocks and oil prices, which dent the sentiment around the higher-yielding currency NZD.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.6941 (post-Christmas high), above which it could extend gains to 0.6991 (Dec 19 high) and from there to 0.7010 (20-DMA). To the downside immediate support might be located at 0.6885 (Dec 22 low) and from there to at 0.6850 (psychological levels), below which 0.6800 (zero figure) would be tested.