11 Feb 2015
NZD/USD faces stiff resistance around 0.7450 levels
FXStreet (Mumbai) - The New Zealand dollar continues its upward trajectory against the US dollar in the mid-European session, although the upside remains capped by a strong resistance around 0.7450 levels.
Supported above 0.7400
Currently, the NZD/USD trades higher by 0.32% on the day, at 0.7424 levels, retreating from fresh weekly highs posted at 0.7447 levels. NZD/USD keeps gains as the kiwi still rides on the wave after RBNZ altered its rate-hike bias to a neutral policy stance. Also, recovery in commodity prices also added to the firmness in the commodity currency.
Moreover, recent upbeat economic releases from Australia also contributed to the upside in NZD/USD.
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 at 0.7497 levels. To the downside immediate support might be located at 0.7404 levels below that at 0.7381 levels.
Supported above 0.7400
Currently, the NZD/USD trades higher by 0.32% on the day, at 0.7424 levels, retreating from fresh weekly highs posted at 0.7447 levels. NZD/USD keeps gains as the kiwi still rides on the wave after RBNZ altered its rate-hike bias to a neutral policy stance. Also, recovery in commodity prices also added to the firmness in the commodity currency.
Moreover, recent upbeat economic releases from Australia also contributed to the upside in NZD/USD.
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 at 0.7497 levels. To the downside immediate support might be located at 0.7404 levels below that at 0.7381 levels.