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27 Feb 2015
NZD/USD capped by 50-DMA, NZ data shrugged off
FXStreet (Mumbai) - The New Zealand dollar erased previous gains and trades flat against the US dollar in the Asian morning, although remains underpinned by upbeat NZ business confidence numbers.
NZD/USD supported above 0.75 handle
Currently, the NZD/USD pair trades modestly flat near session lows at 0.7534 levels having previously posted day’s highs at 0.7550 levels post the NZ data release. NZD/USD is trading in a tight range, having rallied to 50-DMA after New Zealand’s Business confidence rebounded to a seven-month high in February, with spending, employment and investment levels all on the rise. The ANZ Business Confidence index rose from 30.4 in December to 34.4 in February.
However, the gains were short lived and the Kiwi fell to fresh session lows dragged by losses in the Australian dollar and subdued commodity prices. Meanwhile, the pair is likely to remain pressured ahead of the crucial US GDP data due later in North American session.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7577 levels and above which it could extend gains to 0.7613 levels. To the downside immediate support might be located at 0.7528 (5-DMA) levels below that at 0.7500 levels.
NZD/USD supported above 0.75 handle
Currently, the NZD/USD pair trades modestly flat near session lows at 0.7534 levels having previously posted day’s highs at 0.7550 levels post the NZ data release. NZD/USD is trading in a tight range, having rallied to 50-DMA after New Zealand’s Business confidence rebounded to a seven-month high in February, with spending, employment and investment levels all on the rise. The ANZ Business Confidence index rose from 30.4 in December to 34.4 in February.
However, the gains were short lived and the Kiwi fell to fresh session lows dragged by losses in the Australian dollar and subdued commodity prices. Meanwhile, the pair is likely to remain pressured ahead of the crucial US GDP data due later in North American session.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7577 levels and above which it could extend gains to 0.7613 levels. To the downside immediate support might be located at 0.7528 (5-DMA) levels below that at 0.7500 levels.