17 Mar 2015
NZD/USD jumps to fresh highs ahead of 0.7400
FXStreet (Mumbai) - NZD/USD continues to steal the show in the fx markets, extending gains in to the European morning as a generalized weakness in the US dollar boosts the demand for higher yielding currencies.
NZD/USD wavers around 0.74 barrier
Currently, the NZD/USD pair trades higher by 0.46%, at fresh session highs of 0.7403, having previously posted session lows at 0.7361. NZD/USD accelerated gains on a fresh round of USD selling on the Europe open as bearish US macro data released in the US last session continued to hamper USD bulls.
Meanwhile, NZD/USD is likely to remain supported before the latest GDT auction due to be released, which may spur volatility in the kiwi. The GDT index has climbed in the last six auctions to an average US$3,374 per tonne of dairy solids as drought conditions in parts of New Zealand have limited supply.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7414 (March 16 High) levels and above which it could extend gains to 0.7450 (March 12 High) levels. To the downside immediate support might be located at 0.7320 levels below that at 0.7300 levels
NZD/USD wavers around 0.74 barrier
Currently, the NZD/USD pair trades higher by 0.46%, at fresh session highs of 0.7403, having previously posted session lows at 0.7361. NZD/USD accelerated gains on a fresh round of USD selling on the Europe open as bearish US macro data released in the US last session continued to hamper USD bulls.
Meanwhile, NZD/USD is likely to remain supported before the latest GDT auction due to be released, which may spur volatility in the kiwi. The GDT index has climbed in the last six auctions to an average US$3,374 per tonne of dairy solids as drought conditions in parts of New Zealand have limited supply.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7414 (March 16 High) levels and above which it could extend gains to 0.7450 (March 12 High) levels. To the downside immediate support might be located at 0.7320 levels below that at 0.7300 levels