FxWirePro: Commodity currencies recover some ground, NZD/USD hits session highs at 0.6402
The Antipodeans struggled for traction on Monday after the Federal Reserve revived expectations of a rate hike by year-end The dollar rose to its highest in over a month last Friday, but has since been consolidating, whi…
The Antipodeans struggled for traction on Monday after the Federal Reserve revived expectations of a rate hike by year-end
The dollar rose to its highest in over a month last Friday, but has since been consolidating, which saw commodity currencies recover some ground
New Zealand dollar was still quiet at $0.6382, having shed 0.5 percent last week. The kiwi was still in the well-defined range of $0.6244 to $0.6458 seen so far this month
NZD/USD is approaching strong resistance at 0.6424, has hit session highs at 0.6402 and is currently trading at 0.6389
Traders said appetite for risk is likely to dictated by how Chinese stocks behave, could be choppy with China winding down for the week-long National Day holidays from Oct. 1
Stochs on 4 hourlies are at overbought and see bearish crossover, RSI is biased lower, pair could resume downtrend
Immediate resistance for the pair is seen at 0.6424 (Sept 9 highs), and support on the downside is seen at 0.06345 (daily Tenkan)
