NZD/USD bears were attempting a break to the downside yesterday marking a low of 0.6545 and in the region of the 4hr 200 sma at 0.6559. However, a correction and reversal of that move has now been made with highs of 0.6627 so far today targeting this week's highs of 0.6675.
There has been a tun- around with the oil and petroleum prices rallying and offering some relief to the antipodeans supporting the LNG market for NZ's exports.
The 20 dma at 0.6575 held off the bears and offers support as the pair challenges the 100 dma at 0.6625 today. Through that levels, the 200 dma stands at 0.6678 as next target ahead of the recent highs 0.6748. The lows of 0.6555 are below the pivot of 0.6598. The key downside objective is 0.6380 and in the vicinity of R3.