4 Aug 2015
NZD/USD swings back above 0.6600
FXStreet (Mumbai) - The NZD/USD pair halted a five-day decline and swung back higher into the green zone in the European session, with the Kiwi mainly tracking gains from its OZ counterpart after the Reserve Bank of Australia (RBA) left its key rate unchanged while altering its exchange rate view.
NZD/USD extends gains from 0.6553
Currently, the NZD/USD pair trades -0.65% higher at fresh session highs of 0.6611, finally conquering 0.66 handle ahead of US open. The NZD/USD pair extends its recovery after the recent weakness as the New Zealand dollar piggy-backed the rebound seen in the Aussie, which lifted commodities currencies across the board.
The AUD/USD pair accelerated to near two-week highs after the RBA statement showed that the central bank was more satisfied with the AUD's current value. Moreover, recovery in gold and oil prices also supported the upbeat momentum in the Kiwi pair.
Meanwhile, US factory orders and Fonterra’s fortnightly dairy prices auction from New Zealand are expected to remain that main highlights in the New York session. The GDT index price dropped by 10% last fortnight, it was the ninth consecutive fall in prices and came in worse than estimates.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6644 (July 27 High) levels and above which it could extend gains 0.6683 (July 31 High). To the downside immediate support might be located at 0.6556 (July 27 Low) below that at 0.6503 (July 20 Low) levels.
NZD/USD extends gains from 0.6553
Currently, the NZD/USD pair trades -0.65% higher at fresh session highs of 0.6611, finally conquering 0.66 handle ahead of US open. The NZD/USD pair extends its recovery after the recent weakness as the New Zealand dollar piggy-backed the rebound seen in the Aussie, which lifted commodities currencies across the board.
The AUD/USD pair accelerated to near two-week highs after the RBA statement showed that the central bank was more satisfied with the AUD's current value. Moreover, recovery in gold and oil prices also supported the upbeat momentum in the Kiwi pair.
Meanwhile, US factory orders and Fonterra’s fortnightly dairy prices auction from New Zealand are expected to remain that main highlights in the New York session. The GDT index price dropped by 10% last fortnight, it was the ninth consecutive fall in prices and came in worse than estimates.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6644 (July 27 High) levels and above which it could extend gains 0.6683 (July 31 High). To the downside immediate support might be located at 0.6556 (July 27 Low) below that at 0.6503 (July 20 Low) levels.