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26 Feb 2015
NZD/USD on its way to 0.7600
FXStreet (Mumbai) - The New Zealand dollar defends gains against the US dollar in the Asian morning, extending its uptrend from the previous session, after upbeat NZ trade data continues to support the kiwi pair.
NZD/USD supported above 50-DMA
Currently, the NZD/USD pair trades higher by 0.11% on the day at 0.7564, inching towards previously posted highs at 0.7571 levels. NZD/USD trimmed gains, although remained underpinned on the back of solid trade data which revealed that New Zealand's trade balance swung to surplus in January after six-consecutive months of deficits. The trade surplus measured NZD56 million in January, coming in stronger than the market forecast of a deficit worth NZD158 million. Moreover, Fonterra’s milk prices forecasts and upbeat migration data also contributed to the strength seen in the Kiwi.
However, gains in NZD/USD remains capped on a broad based US dollar recovery ahead of crucial US CPI, unemployment claims and durable goods data to be released later in the day.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7577 levels and above which it could extend gains to 0.7600 levels. To the downside immediate support might be located at 0.7531 (5-DMA) levels below that at 0.7500 levels.
NZD/USD supported above 50-DMA
Currently, the NZD/USD pair trades higher by 0.11% on the day at 0.7564, inching towards previously posted highs at 0.7571 levels. NZD/USD trimmed gains, although remained underpinned on the back of solid trade data which revealed that New Zealand's trade balance swung to surplus in January after six-consecutive months of deficits. The trade surplus measured NZD56 million in January, coming in stronger than the market forecast of a deficit worth NZD158 million. Moreover, Fonterra’s milk prices forecasts and upbeat migration data also contributed to the strength seen in the Kiwi.
However, gains in NZD/USD remains capped on a broad based US dollar recovery ahead of crucial US CPI, unemployment claims and durable goods data to be released later in the day.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7577 levels and above which it could extend gains to 0.7600 levels. To the downside immediate support might be located at 0.7531 (5-DMA) levels below that at 0.7500 levels.