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3 Mar 2015
NZD/USD rebounds sharply from 3-day lows to 0.7550
FXStreet (Mumbai) - The New Zealand dollar bounced-back against the US dollar in the early European morning, snapping three consecutive days of losses largely following gains in its Oz neighbour after RBA left its cash rate untouched.
NZD/USD supported above 50-DMA at 0.7536
Currently, the NZD/USD pair trades higher by 0.45% near session highs scored at 0.7552 levels, bouncing-off day’s low at 0.7502 levels. NZD/USD extended gains in the European morning rising higher on the back of an upbeat Australian dollar after solid Australian building consents and an unchanged cash rate at 2.25% from the Reserve Bank of Australia (RBA).
Moreover, broad based US dollar weakness after a generalized profit-taking also boosted the Kiwi. Meanwhile, the pair is likely to remain supported following moves in the Aussie ahead of NZ GDT price index due for release later today.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7600 levels and above which it could extend gains to 0.7618 levels. To the downside immediate support might be located at 0.7500 levels below that at 0.7472 levels.
NZD/USD supported above 50-DMA at 0.7536
Currently, the NZD/USD pair trades higher by 0.45% near session highs scored at 0.7552 levels, bouncing-off day’s low at 0.7502 levels. NZD/USD extended gains in the European morning rising higher on the back of an upbeat Australian dollar after solid Australian building consents and an unchanged cash rate at 2.25% from the Reserve Bank of Australia (RBA).
Moreover, broad based US dollar weakness after a generalized profit-taking also boosted the Kiwi. Meanwhile, the pair is likely to remain supported following moves in the Aussie ahead of NZ GDT price index due for release later today.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7600 levels and above which it could extend gains to 0.7618 levels. To the downside immediate support might be located at 0.7500 levels below that at 0.7472 levels.