NZD/USD off lows but still under 0.6800

By FXStreet NZD/USD recovered ground during the last two hours amid a strong bounce in Wall Street, where now main indexes are in positive territory.

The pair broke below 0.6760 after the beginning of the American session and bottomed at 0.6747. From there it bounced to the upside and recently climbed to 0.6787 but so far it remains unable to regain 0.6800 and it attempting to hold on top of the 20-hour moving average that stands at 0.6780. Currently, it trades at 0.6778/80, down 0.45% for the day.

Traders now await the release of the Federal Reserve minutes that could have a large impact on the US dollar. Earlier in New Zealand, wholesale inflation data for the first quarter was released and showed lower-than-expected numbers but the impact on the kiwi was limited.

NZD/USD technical levels

If the pair can hold above 0.6780 it could gain bullish momentum to rise toward 0.6800, above the next resistance levels could be seen at 0.6810 (daily high) followed by the 0.6840/50 barrier (May 9, 11, and 17 highs) and 0.6880 (Mar 17 high). On the opposite direction, support might lie at 0.6745/50 (weekly low), 0.6715 (May 10 low) and 0.6670 (Mar 24 low).
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Source:: FX Street