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10 Apr 2015
NZD/USD rejected at 0.76
FXStreet (Mumbai) - NZD/USD trims gains in the mid-Asian session, extending its winning streak for the third straight session mainly driven recovery seen in commodity prices while upbeat Chinese CPI figures failed to lift the Kiwi further.
NZD/USD holds above 100-DMA
Currently, the NZD/USD pair trades 0.12% higher at 0.7575, retreating from fresh session highs of 0.7598. NZD/USD remained supported back by rebounding oil, gold and copper prices. While, shrinking NZ budget deficit also provided impetus to NZ dollar, pushing the pair higher.
New Zealand budget deficit for the last eight months to February has come smaller than expected at NZD 269 mln vs a forecast of NZD 612 mln.
However, the gains were capped in NZD/USD, despite better than forecasts Chinese inflation data as upbeat numbers squashed hopes of further easing by Chinese central bank in the near term weighing on the Kiwi. China is New Zealand’s top trading partner.
Meanwhile, in the day ahead, Fed’s Lacker is expected to speak about the economic outlook amid a data-light US session, which may further incentives on the dollar moves.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7600 levels and above which it could extend gains to 0.7623 levels. To the downside immediate support might be located at 0.7556 (100-DMA) levels below that at 0.7500 levels.
NZD/USD holds above 100-DMA
Currently, the NZD/USD pair trades 0.12% higher at 0.7575, retreating from fresh session highs of 0.7598. NZD/USD remained supported back by rebounding oil, gold and copper prices. While, shrinking NZ budget deficit also provided impetus to NZ dollar, pushing the pair higher.
New Zealand budget deficit for the last eight months to February has come smaller than expected at NZD 269 mln vs a forecast of NZD 612 mln.
However, the gains were capped in NZD/USD, despite better than forecasts Chinese inflation data as upbeat numbers squashed hopes of further easing by Chinese central bank in the near term weighing on the Kiwi. China is New Zealand’s top trading partner.
Meanwhile, in the day ahead, Fed’s Lacker is expected to speak about the economic outlook amid a data-light US session, which may further incentives on the dollar moves.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7600 levels and above which it could extend gains to 0.7623 levels. To the downside immediate support might be located at 0.7556 (100-DMA) levels below that at 0.7500 levels.