Back
10 Dec 2014
NZD/USD shrugs of weak China data, trades above 0.77 levels
FXStreet (Mumbai) - The New Zealand dollar recouped losses from the previous session and trades higher today as the US dollar continues to lose steam against its major peers.
The NZD/USD pair trades at 0.7708 levels, 0.38% higher as compared to previous session’s close of 0.7682. The pair edged lower in late US trading, Fonterra made expected cuts to its dairy payout forecast. The forecast was cut to $4.70 per kilogram of milk solids from the previous level of $5.30. However, the Kiwi regained strength as the Fonterra’s downgrade in forecasts was priced-in already.
The NZD/USD pair remains buoyed as investors await the Reserve Bank of New Zealand's Monetary Policy Statement due tomorrow.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7715 (Dec 7 High), above which it could extend gains to 0.7760 (Nov 6 High) levels. To the downside immediate support might be located at 0.7686 (10-day SMA), below that at 0.7666 (50-day SMA) levels.
The NZD/USD pair trades at 0.7708 levels, 0.38% higher as compared to previous session’s close of 0.7682. The pair edged lower in late US trading, Fonterra made expected cuts to its dairy payout forecast. The forecast was cut to $4.70 per kilogram of milk solids from the previous level of $5.30. However, the Kiwi regained strength as the Fonterra’s downgrade in forecasts was priced-in already.
The NZD/USD pair remains buoyed as investors await the Reserve Bank of New Zealand's Monetary Policy Statement due tomorrow.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7715 (Dec 7 High), above which it could extend gains to 0.7760 (Nov 6 High) levels. To the downside immediate support might be located at 0.7686 (10-day SMA), below that at 0.7666 (50-day SMA) levels.