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Forex: NZD/USD upside capped at 0.7600

By FXstreet.com,  October 18, 2010, 11:31:00 PM EDT

FXstreet.com (Córdoba) - The Kiwi has entered into a consolidation mode after some choppy trading. NZD/USD bottomed yesterday at 0.7498 from where it staged a bounce that led the pair to the 0.7595 by the end of the NY session on Monday.

However, NZD/USD spiked and reach a fresh 2-day high at 0.7600 after the RBA minutes were released, only to pullback toward the 0.7550 area where it is trading at time of writing.

To the downside, next supports could be faced at 0.7535, 0.7500 and 0.7440; while to the upside, next resistance levels might be found at 0.7580 and 0.7600 and 0.7640.




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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