NZD/USD eyes 0.77

FXStreet (Mumbai) - NZD/USD swung back higher in the late Asian session, bouncing-off a brief dip to session, as the New Zealand dollar gathered momentum largely tracking solid gains from the Aussie following better than expected Australia’s inflation figures.

NZD/USD rises from 0.7659

Currently, the NZD/USD pair trades higher by 0.19% at session highs at 0.7688. NZD/USD rises within the 30-pips range as the US dollar resumed its downside momentum and turned negative with the DXY modestly lower to the tune of -0.07% at fresh session lows of 98.13.

Earlier this session, the Kiwi spiked to fresh highs correlating its Australian counterpart after a slightly stronger than expected inflation data saw traders reduce their rate-cut bets, boosting the Aussie.

Meanwhile, traders now focus on US existing home sales data due later in the day for fresh direction on the pair.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7700 levels and above which it could extend gains to 0.7727 (April 20 High) levels. To the downside immediate support might be located at 0.7632 (April 21 Low) levels below that at 0.7600 levels.