Back
16 Mar 2015
NZD/USD firmly bid above 0.7350
FXStreet (Mumbai) - NZD/USD defends gains during the European session, erasing partial gains from the previous session as as renewed risk-on trading pushed investors into higher yielding currencies.
NZD/USD trades above 5-DMA
Currently, the NZD/USD pair trades higher by 0.16%, at 0.7356, bouncing-off highs previously posted at 0.7380 levels. NZD/USD remained elevated the greenback came under mild selling pressure on Monday as investors took profits from long dollar positions and the risk-on environment favoured higher yielding currencies.
Meanwhile, NZD/USD is likely to remain supported on a broadly weaker greenback as USD and ahead of Fonterra’s dairy auction due later in the day.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7409 (March 13 High) levels and above which it could extend gains to 0.7450 (March 12 High) levels. To the downside immediate support might be located at 0.7320 levels below that at 0.7300 levels.
NZD/USD trades above 5-DMA
Currently, the NZD/USD pair trades higher by 0.16%, at 0.7356, bouncing-off highs previously posted at 0.7380 levels. NZD/USD remained elevated the greenback came under mild selling pressure on Monday as investors took profits from long dollar positions and the risk-on environment favoured higher yielding currencies.
Meanwhile, NZD/USD is likely to remain supported on a broadly weaker greenback as USD and ahead of Fonterra’s dairy auction due later in the day.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7409 (March 13 High) levels and above which it could extend gains to 0.7450 (March 12 High) levels. To the downside immediate support might be located at 0.7320 levels below that at 0.7300 levels.