NZD/USD inches higher but upside still limited by key daily resistance levels

Technical Analysis

Author: Justin Low | nzdusd

NZD/USD moves to a session high of 0.6720

NZD/USD D1 17-07
ForexLive
The kiwi is a little bid on the day with NZD/USD pushing higher on the session but it's the same old story as it has been sine the start of the week. Price is once again flirting with a break above the 200-day MA (blue line) @ 0.6719 as buyers are looking to try and establish further upside momentum above current levels.

Key daily resistance from the swing highs around 0.6720-30 is also proving to be a tough spot to hold a break above and that is helping to limit gains seen so far this week.

As such, keep an eye on the above levels again in trading today as they will dictate sentiment in the pair and determine sellers' conviction to stay "in the game".

Looking ahead, be wary of tomorrow's Australian jobs report as it could further influence AUD/NZD as the pair continues to inch towards the June low of 1.0427 (currently 1.0437). A break below that could precipitate further gains in the kiwi on AUD/NZD cross-selling and allow NZD/USD to potentially search for a break higher in the short-term.

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