16 Feb 2015
NZD/USD hits fresh monthly highs, breaks above 0.75 barrier
FXStreet (Mumbai) - The New Zealand dollar jumped to fresh monthly highs against the US counterpart in the mid-Asian session, extending gains for the third straight session after NZ Q4 2014 retail sales data beat market expectations.
NZD/USD boosted by upbeat Retail sales data
Currently, the NZD/USD trades higher by 0.71% at fresh one-month highs of 0.7516 levels, breaking above the crucial 0.75 handle. NZD/USD extended last week’s gains after better than forecasts New Zealand’s retail sales numbers bolstered the kiwi. Sales volumes were up 1.7% in the December quarter compared with the previous quarter, beating forecasts of 1.3% rise. Core retail sales climbed 1.5%, beating the market forecast of a 1.1% rise.
Moreover, the gains in the commodity currency were further accelerated on recovery in oil, copper and gold prices. Also, weaker US consumer sentiment data released on last Friday continue to weigh on the US dollar, pushing NZD/USD higher.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7533 levels and above which it could extend gains to 0.7584 levels. To the downside immediate support might be located at 0.7470 levels below that at 0.7430 levels.
NZD/USD boosted by upbeat Retail sales data
Currently, the NZD/USD trades higher by 0.71% at fresh one-month highs of 0.7516 levels, breaking above the crucial 0.75 handle. NZD/USD extended last week’s gains after better than forecasts New Zealand’s retail sales numbers bolstered the kiwi. Sales volumes were up 1.7% in the December quarter compared with the previous quarter, beating forecasts of 1.3% rise. Core retail sales climbed 1.5%, beating the market forecast of a 1.1% rise.
Moreover, the gains in the commodity currency were further accelerated on recovery in oil, copper and gold prices. Also, weaker US consumer sentiment data released on last Friday continue to weigh on the US dollar, pushing NZD/USD higher.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7533 levels and above which it could extend gains to 0.7584 levels. To the downside immediate support might be located at 0.7470 levels below that at 0.7430 levels.