Forex
Home›Forex›Major Pairs›NZD/USD steadies above 0.5900 as dollar slips on Middl…
NZD/USD steadies above 0.5900 as dollar slips on Middle East tensions
NZD/USD holds an upward-bias above an upslope support trendline from July lows, while further gains are tied to reclaiming 0.5950.
NZD/USD was set to end Monday virtually unchanged near its open, posting a modest 0.08% gain as the US dollar weakened on rising tensions in the Middle East, FXStreet said.
The pair was trading above 0.5900, with price action still upward-biased because it remains above an upslope support trendline drawn from the July lows, which has been tested three times.
FXStreet said buyers are stepping in around that trendline, and a bullish continuation would require NZD/USD to reclaim 0.5950 and then 0.6000.
On the downside, the first support is the trendline near 0.5901, followed by 0.5850, with lower levels then seen around the confluence of the 100- and 200-day SMAs near 0.5847/45.