Greenback promoting continues within the session
And with that, NZD/USD now rises to a excessive of zero.6611 on the day. Value is now closing in on the 22 October excessive @ zero.6618. For me although, if worth holds a day by day break above zero.6600 it is already a win for patrons at this level.
The greenback promoting at this time has up to now been unrelenting and there hasn’t been a lot to recommend that it’ll come to a halt at this level. As talked about earlier, technical ranges are beginning to give approach within the greenback with cable additionally rising past 1.2900 and AUD/USD trying to break above the zero.7150 resistance area now.
With NZD/USD additionally trying to crack above zero.6600 and resistance at zero.6618, a transfer in direction of the 100-day MA (pink line) @ zero.6669 will actually begin to pose a severe risk of a possible squeeze increased as shorts start to get flushed out.
In such a transfer, do not rule out a fast soar in direction of zero.6800 first earlier than we head in direction of the 200-day MA (blue line).