25 Mar 2015
NZD/USD back in red below 0.7650
FXStreet (Mumbai) - NZD/USD resumes its bearish tone in the mid-Asian session, as traders continue to weigh disappointing NZ trade balance data despite a weaker US dollar on all fronts.
NZD/USD supported above 5-DMA
Currently, the NZD/USD pair trades at 0.7643, down -0.15%, bouncing-off session highs posted at 0.7659 an hour ago. NZD/USD resumed its downslide and inched lower despite broad based US dollar weakness as New Zealand's February trade surplus which came in much weaker than markets anticipated continued to dampen investors’ sentiment and weigh on the Kiwi.
Trade surplus shrank in Feb as the fall in dairy prices since last year continued to weigh down export receipts, sending the kiwi lower. NZ trade surplus came in at $50 million in February, against expectations of a much stronger surplus of around $350 million last month.
Meanwhile, the US dollar is likely to remain the major driver for the pair ahead of the much awaited US durable goods orders data later in the day.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7676 (March 23 High) levels and above which it could extend gains to 0.7696 (March 24 High) levels. To the downside immediate support might be located at 0.7620 (5-DMA) levels below that at 0.7546 levels
NZD/USD supported above 5-DMA
Currently, the NZD/USD pair trades at 0.7643, down -0.15%, bouncing-off session highs posted at 0.7659 an hour ago. NZD/USD resumed its downslide and inched lower despite broad based US dollar weakness as New Zealand's February trade surplus which came in much weaker than markets anticipated continued to dampen investors’ sentiment and weigh on the Kiwi.
Trade surplus shrank in Feb as the fall in dairy prices since last year continued to weigh down export receipts, sending the kiwi lower. NZ trade surplus came in at $50 million in February, against expectations of a much stronger surplus of around $350 million last month.
Meanwhile, the US dollar is likely to remain the major driver for the pair ahead of the much awaited US durable goods orders data later in the day.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7676 (March 23 High) levels and above which it could extend gains to 0.7696 (March 24 High) levels. To the downside immediate support might be located at 0.7620 (5-DMA) levels below that at 0.7546 levels