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13 Apr 2015
NZD/USD poised to test 0.74
FXStreet (Mumbai) - NZD/USD plunged nearly 1.50% to fresh two-week lows in the European session undermined by China's March trade data that showed imports to the world's second-biggest economy plunged more-than-expected in March.
NZD/USD witnesses more than 100 pips fall
Currently, the NZD/USD pair trades -0.41% lower at fresh two week lows of 0.7433, on its way to attack 0.74 barrier. NZD/USD remained heavily offered so far as poor Chinese data continued to weigh on the Antipodeans with rising oil prices offering no respite to the Kiwi pair.
Chinese imports to the world's second-biggest economy plunged 12.3% in March compared with the same month a year ago, adding to a more than 20% decline in imports in February, and coming in worse than the expected 10.0% decline.
For some time now China has been New Zealand’s biggest export destination, with demand for NZ’s dairy products particularly strong over the last decade.
On the macro economic front, confidence figures in New Zealand will be a key factor, along with manufacturing data, besides US retails sales numbers and China GDP data due later this week.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7450 levels and above which it could extend gains to 0.7494 levels. To the downside immediate support might be located at 0.7400 levels below that at 0.7369 levels.
NZD/USD witnesses more than 100 pips fall
Currently, the NZD/USD pair trades -0.41% lower at fresh two week lows of 0.7433, on its way to attack 0.74 barrier. NZD/USD remained heavily offered so far as poor Chinese data continued to weigh on the Antipodeans with rising oil prices offering no respite to the Kiwi pair.
Chinese imports to the world's second-biggest economy plunged 12.3% in March compared with the same month a year ago, adding to a more than 20% decline in imports in February, and coming in worse than the expected 10.0% decline.
For some time now China has been New Zealand’s biggest export destination, with demand for NZ’s dairy products particularly strong over the last decade.
On the macro economic front, confidence figures in New Zealand will be a key factor, along with manufacturing data, besides US retails sales numbers and China GDP data due later this week.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7450 levels and above which it could extend gains to 0.7494 levels. To the downside immediate support might be located at 0.7400 levels below that at 0.7369 levels.