NZD/USD recovers from 1-week lows

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.