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Forex: NZD/USD eyeing 0.7570 resistance

By FXstreet.com,  October 12, 2010, 09:20:00 PM EDT

FXstreet.com (Córdoba) - The Kiwi managed to consolidate gains against the Greenback this Tuesday, as the Dollar weakness spread across the board after the FOMC minutes suggested more QE might be needed soon.

NZD/USD is staging a bounce from the 0.7480 area where the pair bottomed yesterday's European session after Bollard comments, having recovered around 90 pips so far, and posted a fresh 2-day high at 0.7570 this Wednesday in Asia.

At time of writing, NZD/USD is quoting slightly lower around 0.7555/60. If the Greenback continues to weaken, next resistance levels for the cross could be found at 0.7570 and 0.7590; while on the other side, supports might be faced at 0.7540 and 0.7510.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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