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31 Mar 2015
NZD/USD testing lows below 0.75, shrugs of solid NZ data
FXStreet (Mumbai) - NZD/USD extends its prolonged negative bias and trades subdued in the Asian session, consolidating previous losses as the kiwi remains undermined in tandem with the Australian dollar.
NZD/USD supported above 50-DMA
Currently, the NZD/USD pair trades at 0.7492, down -0.11%, having previously fresh session lows at 0.7488 levels. NZD/USD remains pressured this session correlating losses seen in the Aussie as rising expectations of further RBA rate cut in the next month and lower commodity prices continue to weigh on the Antipodeans.
Moreover, impressive NZ business confidence numbers released today failed to lift the Kiwi as markets seem to be unimpressed by the macro data. New Zealand business confidence gauge swung to a nine-month high in March, with the ANZ Business Confidence index rose by 1.4 points to 35.8 in March from 34.4 in Feb.
Meanwhile, US dollar continues to remain supported by the recent series of upbeat US data and is likely to remain the major driver for the pair ahead of US consumer confidence figures later in the day.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7545 levels and above which it could extend gains to 0.7600 levels. To the downside immediate support might be located at 0.7464 (50-DMA) levels below that at 0.7420 levels.
NZD/USD supported above 50-DMA
Currently, the NZD/USD pair trades at 0.7492, down -0.11%, having previously fresh session lows at 0.7488 levels. NZD/USD remains pressured this session correlating losses seen in the Aussie as rising expectations of further RBA rate cut in the next month and lower commodity prices continue to weigh on the Antipodeans.
Moreover, impressive NZ business confidence numbers released today failed to lift the Kiwi as markets seem to be unimpressed by the macro data. New Zealand business confidence gauge swung to a nine-month high in March, with the ANZ Business Confidence index rose by 1.4 points to 35.8 in March from 34.4 in Feb.
Meanwhile, US dollar continues to remain supported by the recent series of upbeat US data and is likely to remain the major driver for the pair ahead of US consumer confidence figures later in the day.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7545 levels and above which it could extend gains to 0.7600 levels. To the downside immediate support might be located at 0.7464 (50-DMA) levels below that at 0.7420 levels.