NZD/USD can’t stay above DMA 50

The pair NZD/USD extended its rise daily to its highest level since the march 30 to 0.7035 before losing momentum in the midst of a technical correction observed in the rate of the u.s. dollar.

For the moment, the pair is traded in 0.7020, a rise of 0.33% on the day. Although sellers americans returned today after three days of vacation, the volatility of the market remained low due to the lack of new catalysts fundamental.

The dollar index has moved in a very narrow range just above the 100-level, unable to draw on the yields of the Treasury of the united States, which has been the main driver of the dollar lately.

The bonus of 10 years of the treasure still remains around 2.3%. The minutes of the meeting of the RBA will be published during the asian session and is considered as the only potential driver of the market. Any fluctuation in acute, observed in the pair AUD/USD could bring volatility to the pair NZD/USD, as well as are highly correlated.

Technical perspective

The pair faces immediate resistance to 0.7030 (DMA 50) before 0.7075 (DMA 100) and 0.7135 (DMA 200).

On the other hand, supports could be seen at 0.7000 (psychological level), 0.6975 (April 14) and 0.6910 (April 12).

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