23 Mar 2015
NZD/USD rejected at 0.76, shrugs off upbeat NZ data
FXStreet (Mumbai) - NZD/USD erased overnight gains and fell back in red in the mid-Asian session, as the greenback regained lost ground across the board after last week’s sell-off, dragging the pair lower.
NZD/USD capped by stronger USD
Currently, the NZD/USD pair trades lower by -0.12% at 0.7557, having posted day’s highs at 0.7597 levels and day’s low at 0.7549. NZD/USD failed to breach 0.76 barrier and turned in to losses after renewed strength in the US dollar on a short-covering rally weighed on the Kiwi.
However, losses in NZD/USD were limited as the New Zealand dollar remains underpinned by the improved NZ consumer confidence survey. The Westpac-McDermott Miller Consumer Confidence Index rose from 114.8 last quarter to 117.4 this quarter.
Meanwhile, the US dollar is likely to remain the major driver for the pair in absence of significant economic releases for the rest of the day ahead US existing home sales data later in the US session.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7597 (Today’s High) levels and above which it could extend gains to 0.7615 (March 3 High) levels. To the downside immediate support might be located at 0.7518 (5-DMA) levels below that at 0.7500 levels
NZD/USD capped by stronger USD
Currently, the NZD/USD pair trades lower by -0.12% at 0.7557, having posted day’s highs at 0.7597 levels and day’s low at 0.7549. NZD/USD failed to breach 0.76 barrier and turned in to losses after renewed strength in the US dollar on a short-covering rally weighed on the Kiwi.
However, losses in NZD/USD were limited as the New Zealand dollar remains underpinned by the improved NZ consumer confidence survey. The Westpac-McDermott Miller Consumer Confidence Index rose from 114.8 last quarter to 117.4 this quarter.
Meanwhile, the US dollar is likely to remain the major driver for the pair in absence of significant economic releases for the rest of the day ahead US existing home sales data later in the US session.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7597 (Today’s High) levels and above which it could extend gains to 0.7615 (March 3 High) levels. To the downside immediate support might be located at 0.7518 (5-DMA) levels below that at 0.7500 levels