17 Mar 2015
NZD/USD on its way to 0.7400
FXStreet (Mumbai) - NZD/USD emerged as the strongest performer and advanced to fresh session highs in the mid-Asian trading, extending gains from the previous session, ahead of Fonterra's upcoming Global Dairy Trade (GDT) auction.
NZD/USD supported above 5-DMA
Currently, the NZD/USD pair trades higher by 0.25%, at fresh session highs of 0.7388, making another attempt to reach next resistance at 0.74 barrier. NZD/USD extended its upside bias amid a slight weakness in the US dollar after downbeat US macro data released in the last North American session dragged the greenback further in to losses.
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 0.7409 (March 13 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 supported above 5-DMA
Currently, the NZD/USD pair trades higher by 0.25%, at fresh session highs of 0.7388, making another attempt to reach next resistance at 0.74 barrier. NZD/USD extended its upside bias amid a slight weakness in the US dollar after downbeat US macro data released in the last North American session dragged the greenback further in to losses.
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 0.7409 (March 13 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