NZD/USD erases earlier gains amid firmer dollar

Technical Analysis

Author: Justin Low | nzdusd

NZD/USD falls back towards the 200-day moving average

NZD/USD D1 16-07
The greenback is holding firmer on the session as we see NZD/USD surrender its earlier gains and falls back towards lows for the day, near the 200-day MA (blue line) @ 0.6717.

The pair had earlier climbed to a high of 0.6738 and hovered around 0.6730-35 as buyers tried to build up some bullish momentum but are failing to hold a break above the swing region resistance around 0.6720-30 once again - much like yesterday.

The dollar is seen gaining momentum against the likes of the euro and pound today but that is seen extending more broadly as we move towards North American trading. As mentioned earlier, keep an eye out on those key daily resistance levels for NZD/USD ahead of US retail sales data and GDT dairy price auction still to come.

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