12 Feb 2015
NZD/USD trades above 0.74
FXStreet (Mumbai) - The NZD/USD pair recovered losses during the US session to trade above 0.74 levels. The Kiwi had weakened earlier today due to a disappointing New Zealand manufacturing activity data.
Weak data helped Kiwi recover losses
A weaker-than-expected January retail sales data in the US, coupled with a sharp rise in the initial jobless claims for the last week, helped the NZD/USD pair extend the recovery from the hourly 200-SMA located at 0.7369 levels to clock a high of 0.7422.
Moreover, the pair had already recovered from the low of 0.7312 as a hawkish Bank of England inflation report and the Bank of Japan’s shocker earlier today had triggered a broad based weakness in the US dollar.
NZD/USD Technical Levels
The pair currently trades at 0.7402. The immediate resistance is seen on the hourly charts at 0.7422, above which the pair faces a stiff resistance around 0.7450 levels. On the flip side, a break below 0.7400 could push the pair down to 5-DMA located at 0.7388 levels.
Weak data helped Kiwi recover losses
A weaker-than-expected January retail sales data in the US, coupled with a sharp rise in the initial jobless claims for the last week, helped the NZD/USD pair extend the recovery from the hourly 200-SMA located at 0.7369 levels to clock a high of 0.7422.
Moreover, the pair had already recovered from the low of 0.7312 as a hawkish Bank of England inflation report and the Bank of Japan’s shocker earlier today had triggered a broad based weakness in the US dollar.
NZD/USD Technical Levels
The pair currently trades at 0.7402. The immediate resistance is seen on the hourly charts at 0.7422, above which the pair faces a stiff resistance around 0.7450 levels. On the flip side, a break below 0.7400 could push the pair down to 5-DMA located at 0.7388 levels.