23 Dec 2014
NZD/USD hits fresh daily highs
FXStreet (Mumbai) - The NZD/USD edged higher in the early Asian morning, reversing two consecutive days of losses as Kiwi nation’s trade deficit shrank more than expected in November.
The NZD/USD pair now trades higher by 0.17% at 0.7741, near day’s high levels of 0.7743 hit some time ago. The New Zealand dollar regained strength versus the greenback after New Zealand’s trade balance data showed that the trade deficit narrowed more than market forecasts as imports unexpectedly plunged from October levels. However, a fall in exports largely due to waning Chinese demand for dairy products raised serious cause of concerns for the Kiwi nation. Exports to China were down 44% in November from a year ago, the third-consecutive fall in exports to Asia's largest economy.
Statistics New Zealand figures showed that the gap between export and import takings shrank from a revised USD 911 million in October to USD 213 million last month, coming in better than the expected USD 550 million deficit.
NZD/USD Technical Levels
The pair has an immediate resistance at 0.7804 (Dec 17 High) levels, above which gains could be extended to 0.7850 (Dec 12 High) levels. On the flip side, support is seen at 0.7726 (Dec 19 Low) levels, below which it could extend losses to 0.7695 (Dec 5 Low) levels.
The NZD/USD pair now trades higher by 0.17% at 0.7741, near day’s high levels of 0.7743 hit some time ago. The New Zealand dollar regained strength versus the greenback after New Zealand’s trade balance data showed that the trade deficit narrowed more than market forecasts as imports unexpectedly plunged from October levels. However, a fall in exports largely due to waning Chinese demand for dairy products raised serious cause of concerns for the Kiwi nation. Exports to China were down 44% in November from a year ago, the third-consecutive fall in exports to Asia's largest economy.
Statistics New Zealand figures showed that the gap between export and import takings shrank from a revised USD 911 million in October to USD 213 million last month, coming in better than the expected USD 550 million deficit.
NZD/USD Technical Levels
The pair has an immediate resistance at 0.7804 (Dec 17 High) levels, above which gains could be extended to 0.7850 (Dec 12 High) levels. On the flip side, support is seen at 0.7726 (Dec 19 Low) levels, below which it could extend losses to 0.7695 (Dec 5 Low) levels.