26 May 2015
NZD/USD supported at 0.73, NZ trade data underpins
FXStreet (Mumbai) - The New Zealand creeps higher against the American dollar in the early European session, keeping NZD/USD well bid above 0.73 handle. The Kiwi extends its gradual advance largely backed by better than estimates NZ trade balance numbers while the upside remains restricted on a broadly stronger US dollar.
NZD/USD regains 0.73 barrier
Currently, the NZD/USD pair trades higher by 0.06% at 0.7315, having previously posted fresh session highs of 0.732. NZD/USD extends its accumulation phase for the second straight session amid no fresh impetus from fundamental while US dollar strength continues to control the FX board.
However, the Kiwi pair defends mild gains after New Zealand's trade surplus came in at $123 million in April, Statistics New Zealand said on Tuesday, which was above markets expectations of $92 million surplus.
Meanwhile, markets now await a flurry of US macro data in the day ahead for further momentum on the pair.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7358 levels and above which it could extend gains to 0.7400. To the downside immediate support might be located at 0.7293 (May 25 Low) levels below that at 0.7282 (May 20 Low) levels.
NZD/USD regains 0.73 barrier
Currently, the NZD/USD pair trades higher by 0.06% at 0.7315, having previously posted fresh session highs of 0.732. NZD/USD extends its accumulation phase for the second straight session amid no fresh impetus from fundamental while US dollar strength continues to control the FX board.
However, the Kiwi pair defends mild gains after New Zealand's trade surplus came in at $123 million in April, Statistics New Zealand said on Tuesday, which was above markets expectations of $92 million surplus.
Meanwhile, markets now await a flurry of US macro data in the day ahead for further momentum on the pair.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7358 levels and above which it could extend gains to 0.7400. To the downside immediate support might be located at 0.7293 (May 25 Low) levels below that at 0.7282 (May 20 Low) levels.