FXstreet.com (Barcelona) - New Zealand Dollar rally from November 5 low at 0.7160 extended on Monday, breaking above 0.7365 resistance to hit a fresh 2-week high at 0.7460 and following pullback has been held at 0.7375.
At the moment of writing, the Kiwi trades at 0.7420 (61.8 retracement of the Oct 21 - Nov 2 decline), and, according to James Hyerczyk, technical analyst at ForexHound.com a key level for an attempt to 0.7500 area:The high for the day stopped at a .618 retracement level at .7423. The chart pattern suggests that a violation of this price could trigger an even further rally to a downtrending Gann angle at .7505.
Resistance levels, above 0.7425 lie at 0.7460 (Intra-day high) and 0.7500. On the downside, support levels lie at 0.7365/75 (Oct 29 high/Intra-day low), and below here, 0.7345 and 0.7300.