18 Feb 2015
NZD/USD moves away from 4-week highs
FXStreet (Mumbai) - The New Zealand dollar traded flat, pulling away remained from four–week high levels against the US counterpart in the Asian morning, although positive result in Fonterra's fortnightly Global Dairy Trade (GDT) auction continues to support the kiwi.
FOMC minutes in focus
Currently, the NZD/USD trades largely unchanged at 0.7535, heading towards fresh monthly highs reached in the previous session at 0.7555 levels. NZD/USD reversed previously losses and trades steady supported by the upbeat GDT index numbers which showed that average dairy prices shot up 10.1% overnight, adding to a 9.4% rise in the last auction two weeks ago. However, the upside in the Kiwi pair seems restricted on broad based US dollar recovery ahead of today’s FOMC minutes release.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7531 (Feb 16 High) levels and above which it could extend gains to 0.7593 (50-DMA) levels. To the downside immediate support might be located at 0.7470 levels below that at 0.7430 levels.
FOMC minutes in focus
Currently, the NZD/USD trades largely unchanged at 0.7535, heading towards fresh monthly highs reached in the previous session at 0.7555 levels. NZD/USD reversed previously losses and trades steady supported by the upbeat GDT index numbers which showed that average dairy prices shot up 10.1% overnight, adding to a 9.4% rise in the last auction two weeks ago. However, the upside in the Kiwi pair seems restricted on broad based US dollar recovery ahead of today’s FOMC minutes release.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7531 (Feb 16 High) levels and above which it could extend gains to 0.7593 (50-DMA) levels. To the downside immediate support might be located at 0.7470 levels below that at 0.7430 levels.