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15 Apr 2015
NZD/USD testing highs above 0.75
FXStreet (Mumbai) - The New Zealand dollar recovers overnight losses against the US dollar in mid-Asian trades, driving NZD/USD near fresh session highs, although the upside remains capped on weak Chinese macro data release.
NZD/USD heads towards 100-DMA
Currently, the NZD/USD pair trades 0.09% higher at 0.7529, hovering in close vicinity of 0.7536 highs and recovering from a brief dip below 0.75 barrier. NZD/USD rebounded from RBNZ’s Spencer’s comments induced losses after the RBNZ official stated monetary policy is not able to be used to cool housing demand "as CPI inflation is below the Reserve Bank of New Zealand's (RBNZ) target range."
However, the gains in the NZD/USD pair seems capped as bearish China Q1 2015 GDP along with weak retails sales and industrial production data raised concerns about the pace of economic recovery in New Zealand’s top export destination.
Meanwhile, traders now await a host of US data due later tonight and NZ manufacturing data due tomorrow for further direction.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7546 (100-DMA) levels and above which it could extend gains to 0.7600 levels. To the downside immediate support might be located at 0.7488 (Today’s Low) levels below that at 0.7420 levels.
NZD/USD heads towards 100-DMA
Currently, the NZD/USD pair trades 0.09% higher at 0.7529, hovering in close vicinity of 0.7536 highs and recovering from a brief dip below 0.75 barrier. NZD/USD rebounded from RBNZ’s Spencer’s comments induced losses after the RBNZ official stated monetary policy is not able to be used to cool housing demand "as CPI inflation is below the Reserve Bank of New Zealand's (RBNZ) target range."
However, the gains in the NZD/USD pair seems capped as bearish China Q1 2015 GDP along with weak retails sales and industrial production data raised concerns about the pace of economic recovery in New Zealand’s top export destination.
Meanwhile, traders now await a host of US data due later tonight and NZ manufacturing data due tomorrow for further direction.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7546 (100-DMA) levels and above which it could extend gains to 0.7600 levels. To the downside immediate support might be located at 0.7488 (Today’s Low) levels below that at 0.7420 levels.