30 Apr 2015
NZD/USD trades above 0.76
FXStreet (Mumbai) - The NZD/USD recovered from the low of 0.7573 to trade at 0.7611 levels after the Reserve Bank of New Zealand (RBNZ) held the interest rates unchanged at 3.5%.
NZD/USD: Gains capped by rate cut forecasts
The pair is struggling to extend the gains above 0.76 levels as the RBNZ said it could cut interest rates in the future if domestic demand weakens and inflationary pressures weaken. Ahead of the RBNZ decision the kiwi dollar was stung by a drop in the business confidence to the lowest since October.
The Kiwi was also under pressure after the Reserve Bank Assistant Governor, John McDermott, said last week that the Bank could be wriggling towards an easing bias.
NZD/USD Technical Levels
The immediate resistance is located at 0.7634 (5-DMA), above which gains could be extended to 0.7692 (200-DMA). On the flip side, a break below 0.76, could push the pair down to 0.7530 (100-DMA) – 0.7526 (50-DMA).
NZD/USD: Gains capped by rate cut forecasts
The pair is struggling to extend the gains above 0.76 levels as the RBNZ said it could cut interest rates in the future if domestic demand weakens and inflationary pressures weaken. Ahead of the RBNZ decision the kiwi dollar was stung by a drop in the business confidence to the lowest since October.
The Kiwi was also under pressure after the Reserve Bank Assistant Governor, John McDermott, said last week that the Bank could be wriggling towards an easing bias.
NZD/USD Technical Levels
The immediate resistance is located at 0.7634 (5-DMA), above which gains could be extended to 0.7692 (200-DMA). On the flip side, a break below 0.76, could push the pair down to 0.7530 (100-DMA) – 0.7526 (50-DMA).