21 Jul 2015
NZD/USD rises above 0.66, sees cross driven strength
FXStreet (Mumbai) - The NZD/USD pair advanced for the second day to trade above 0.66 handle, after RBA minutes drove the AUD/NZD pair.
Cross driven strength ahead of the RBNZ rate decision
The AUD/NZD pair was offered after the RBA minutes said further AUD depreciation seemed both likely and necessary. The AUD/NZD cross dipped 0.5%, thereby lending support to the NZD/USD pair. Moreover, the Kiwi bears are taking a back seat after NZ Prime Minister John Key, on Monday, said the Kiwi has dropped faster-than-expected.
The pair has ticked higher ahead of the RBNZ decision due tomorrow. Markets are expecting the bank to announce another 25 basis cut in interest rates in response to falling global diary prices.
NZD/USD Technical Levels
The spot currently trades around 0.6605. The immediate resistance is located at 0.6619 (July 7 low), followed by another hurdle at 0.7750. On the other hand, support is seen at 0.66 and 0.6560 (hourly 100-MA).
Cross driven strength ahead of the RBNZ rate decision
The AUD/NZD pair was offered after the RBA minutes said further AUD depreciation seemed both likely and necessary. The AUD/NZD cross dipped 0.5%, thereby lending support to the NZD/USD pair. Moreover, the Kiwi bears are taking a back seat after NZ Prime Minister John Key, on Monday, said the Kiwi has dropped faster-than-expected.
The pair has ticked higher ahead of the RBNZ decision due tomorrow. Markets are expecting the bank to announce another 25 basis cut in interest rates in response to falling global diary prices.
NZD/USD Technical Levels
The spot currently trades around 0.6605. The immediate resistance is located at 0.6619 (July 7 low), followed by another hurdle at 0.7750. On the other hand, support is seen at 0.66 and 0.6560 (hourly 100-MA).