NZD/USD deflates from 0.7450

FXStreet (Mumbai) - NZD/USD reversed previous losses and advanced in the Asian session, swinging back above 0.74 handle as upbeat NZ macro data coupled with gains in the Aussie lifted the Kiwi higher.

NZD/USD supported above 20-DMA

Currently, the NZD/USD pair trades at 0.7440, up 0.33% on the day, having previously posted fresh session highs at 0.7451 an hour ago. NZD/USD edged higher as the kiwi received support from better than estimates New Zealand’s jobs ads and consumer sentiment data.

Job adverts rose 0.7% in February compared with a month earlier, partly offsetting January's 1.1% decline. The ANZ-Roy Morgan Consumer Confidence index inched up 0.8% to 124.6 in March from 124.0 in February.

Meanwhile, a softer US dollar across the board and the strengthening AUD on RBA Stevens comments also helped to push the Kiwi higher.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7500 levels and above which it could extend gains to 0.7545 (March 19 High) levels. To the downside immediate support might be located at 0.7425 (20-DMA) levels below that at 0.7404 (5-DMA) levels