28 Jul 2015
NZD/USD continues upward journey, takes out 0.6650
FXStreet (Mumbai) - The bid tone on the NZD/USD finally pushed the spot above the resistance at 0.6650 on Tuesday, making the Kiwi a best performing commodity currency today.
Eyes FOMC statement
The investors now await the FOMC policy statement due tomorrow. The main focus would be on whether the Fed stays non-committal with regards to the timing of a rate hike or hints at the exact timing of the rate hike.
The Kiwi bulls could be demoralized in case the Fed commits to a rate hike later this year, especially since the RBNZ is expected to cut rates by another 25-50 basis points in 2015.
NZD/USD Technical Levels
The spot currently trades around 0.6670. The immediate resistance is seen at 0.6694 (July 23 high), above which gains could be extended to 0.6770 (July 10 high). On the other hand, support is seen at 0.6650 and 0.6592 (5-DMA).
Eyes FOMC statement
The investors now await the FOMC policy statement due tomorrow. The main focus would be on whether the Fed stays non-committal with regards to the timing of a rate hike or hints at the exact timing of the rate hike.
The Kiwi bulls could be demoralized in case the Fed commits to a rate hike later this year, especially since the RBNZ is expected to cut rates by another 25-50 basis points in 2015.
NZD/USD Technical Levels
The spot currently trades around 0.6670. The immediate resistance is seen at 0.6694 (July 23 high), above which gains could be extended to 0.6770 (July 10 high). On the other hand, support is seen at 0.6650 and 0.6592 (5-DMA).