Forex: NZD/USD rises to 4-day highs above 0.76

[mikeyjerou]

FXstreet.com (San Francisco) - After three weeks of steady declines in the New Zealand dollar, bulls emerged from the abyss last week to initiate broad-based NZD buying.

NZD buying was the theme of the day on Monday as well, with the NZD/USD having pushed back above the 0.7600 mark to touch a 4-day high of 0.7643 before slight retreat to close the North American session at 0.7610 vs. 0.7540 late Friday in New York.

Technically speaking, as Jamie Saettele, CMT, Sr. Technical Strategist at DailyFX observes, “the strong reaction off of the December low is textbook,” he says. Mr. Saettele suggests that the advance may persist (much like technicals in AUD/USD suggests) and NZD/USD may encounter selling interest near 0.7675 resistance. Support is noted at 0.7580. NZD/USD last trades at 0.7610 as the Asia-Pacific session gets underway.

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