9 Jul 2015
NZD/USD: Bulls back in control post China’s CPI
FXStreet (Mumbai) - The New Zealand extends its recovery mode and remains well bid against the American dollar in mid-Asia, keeping NZD/USD supported above 0.67 barrier. The Kiwi extends gains for the second straight session, erasing overnight losses after uptick in China’s price pressures offered fresh impetus to the Kiwi.
NZD/USD bounces-off 0.6699
Currently, the NZD/USD pair trades higher by 0.20% at 0.6742, retracing from fresh session highs reached at 0.6754. The Kiwi bulls regained lost ground and edged higher this session traders cheered upbeat Chinese inflation data while stronger jobs data from Australia also boosted sentiment around the NZD. China is New Zealand’s top trading partner.
National Bureau of Statistics of China said that Chinese CPI rose to an annual rate of 1.4%, in June from 1.2% in May. While Australian employment change for June came at 7.3k versus -5k expected and 42k last. The jobless rate was flat at 6% versus 6.1% estimates.
Moreover, a rebound in Chinese stocks today coupled with rising price pressures eased concerns of China slowdown, further boosting NZD/USD.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6754 (Today’s High) levels and above which it could extend gains to 0.6800. To the downside immediate support might be located at 0.6699 (Today’s low) below that at 0.6623 (July 9 Low) levels.
NZD/USD bounces-off 0.6699
Currently, the NZD/USD pair trades higher by 0.20% at 0.6742, retracing from fresh session highs reached at 0.6754. The Kiwi bulls regained lost ground and edged higher this session traders cheered upbeat Chinese inflation data while stronger jobs data from Australia also boosted sentiment around the NZD. China is New Zealand’s top trading partner.
National Bureau of Statistics of China said that Chinese CPI rose to an annual rate of 1.4%, in June from 1.2% in May. While Australian employment change for June came at 7.3k versus -5k expected and 42k last. The jobless rate was flat at 6% versus 6.1% estimates.
Moreover, a rebound in Chinese stocks today coupled with rising price pressures eased concerns of China slowdown, further boosting NZD/USD.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6754 (Today’s High) levels and above which it could extend gains to 0.6800. To the downside immediate support might be located at 0.6699 (Today’s low) below that at 0.6623 (July 9 Low) levels.