29 Jan 2015
NZD/USD recovers from fresh 4-year lows post RBNZ
FXStreet (Mumbai) - NZD/USD recovered slightly after having plunged to fresh four year lows after the Reserve Bank of New Zealand (RBNZ) gave less hawkish policy statement.
Recovers from 0.7314 levels
Currently, the NZD/USD traded at 0.7333, up 0.24% on the day, recovering from fresh four year lows posted at 0.7314 levels. The Kiwi managed regain some lost ground and remains elevated on short–covering rally after the RBNZ-induced slump. NZD/USD dropped 90 pips or almost 1% after the RBNZ changed its hike-bias to a more neutral policy stance, however stated that exchange rate was unjustified and inflation remained subdued.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7500 and above which it could extend gains to 0.7550 (10-DMA) levels. To the downside, immediate support might be located at 0.7424 levels and below that at 0.7400 levels
Recovers from 0.7314 levels
Currently, the NZD/USD traded at 0.7333, up 0.24% on the day, recovering from fresh four year lows posted at 0.7314 levels. The Kiwi managed regain some lost ground and remains elevated on short–covering rally after the RBNZ-induced slump. NZD/USD dropped 90 pips or almost 1% after the RBNZ changed its hike-bias to a more neutral policy stance, however stated that exchange rate was unjustified and inflation remained subdued.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7500 and above which it could extend gains to 0.7550 (10-DMA) levels. To the downside, immediate support might be located at 0.7424 levels and below that at 0.7400 levels