21 Jan 2015
NZD/USD back in red, likely to attack 0.7600
FXStreet (Mumbai) - The New Zealand dollar pared brief gains and slipped to fresh daily lows as traders continued to digest a deflationary print of the NZ CPI.
Currently, the NZD/USD posts fresh session lows at 0.7624 down -0.22% on the day, shaving off previous gains. The NZD/USD heads towards fresh monthly lows and remains under pressure after the NZ CPI data missed market forecasts and fell short of the Reserve Bank of New Zealand's 1-3% medium-term target band.
The NZD/USD pair is likely to test 0.7600 levels which were tested many times previously. Breaching the 0.7600 barrier would trigger many stop losses below 0.7600 and that would certainly mean further losses for the currency pair.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7690 and above which it could extend gains to 0.7722 levels. To the downside, immediate support might be located at 0.7620 levels and below that at 0.7600 levels.
Currently, the NZD/USD posts fresh session lows at 0.7624 down -0.22% on the day, shaving off previous gains. The NZD/USD heads towards fresh monthly lows and remains under pressure after the NZ CPI data missed market forecasts and fell short of the Reserve Bank of New Zealand's 1-3% medium-term target band.
The NZD/USD pair is likely to test 0.7600 levels which were tested many times previously. Breaching the 0.7600 barrier would trigger many stop losses below 0.7600 and that would certainly mean further losses for the currency pair.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7690 and above which it could extend gains to 0.7722 levels. To the downside, immediate support might be located at 0.7620 levels and below that at 0.7600 levels.