5 Mar 2015
NZD/USD falls back on 0.75 handle
FXStreet (Mumbai) - The New Zealand dollar dived deeper in to red and reached fresh two day lows against its US counterpart in the European session, Reserve Bank of New Zealand (RBNZ) revealed that it was considering policies to curb investor activity in the housing market.
NZD/USD supported by 50-DMA
Currently, the NZD/USD pair fell by -0.67% at fresh session lows of 0.7534 levels, retreating from day’s high previously posted at 0.7597 levels. NZD/USD extended losses from the previous session after RBNZ release stated that policymakers have begun a consultation period with the public to seek a viable definition of a property investment loan.
Moreover, markets viewed the RBNZ move would likely delay the need for future interest rate hikes, with potential curbs on housing investment loans which dragged the Kiwi lower.
NZD/USD also came under pressure after Chinese officials downgraded the annual economic growth target "about 7%" growth this year, instead of last year's 7.5% target. China is New Zealand’s top trading partner.
In the day ahead, traders will now focus on US unemployment claims and factory orders data for further dollar moves.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7600 levels and above which it could extend gains to 0.7615 levels. To the downside immediate support might be located at 0.7530 (50-DMA) levels below that at 0.7500 levels.
NZD/USD supported by 50-DMA
Currently, the NZD/USD pair fell by -0.67% at fresh session lows of 0.7534 levels, retreating from day’s high previously posted at 0.7597 levels. NZD/USD extended losses from the previous session after RBNZ release stated that policymakers have begun a consultation period with the public to seek a viable definition of a property investment loan.
Moreover, markets viewed the RBNZ move would likely delay the need for future interest rate hikes, with potential curbs on housing investment loans which dragged the Kiwi lower.
NZD/USD also came under pressure after Chinese officials downgraded the annual economic growth target "about 7%" growth this year, instead of last year's 7.5% target. China is New Zealand’s top trading partner.
In the day ahead, traders will now focus on US unemployment claims and factory orders data for further dollar moves.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7600 levels and above which it could extend gains to 0.7615 levels. To the downside immediate support might be located at 0.7530 (50-DMA) levels below that at 0.7500 levels.