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3 Mar 2015
NZD/USD recovers from 3-day lows, supported above 0.7500
FXStreet (Mumbai) - The New Zealand dollar recovered from three day lows against the US counterpart, with NZD/USD clinging on to 0.75 barrier, on a bout of profit-taking after the Kiwi was hammered in the US last session on upbeat US factory data.
NZD/USD capped by 10-DMA
Currently, the NZD/USD pair trades higher by 0.15% near session highs at 0.7529 levels having previously posted day’s low at 0.7502 levels. NZD/USD remained elevated in Asia this morning on broad based US dollar weakness as traders took to profit booking after the recent rally in the greenback.
The greenback traded with gains against the kiwi in the North American session amid the release of pro-dollar macro data in the US. Notably, Markit's manufacturing PMI rose to its highest level since October, while personal income increased in January.
Moreover, gains in the Aussie on the back of solid building consents data also supported the upside in the Kiwi. Meanwhile, traders now await Reserve Bank of Australia’s cash rate announcement for further impact on the NZD/USD pair.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7536 (50-DMA) levels and above which it could extend gains to 0.7600 levels. To the downside immediate support might be located at 0.7500 levels below that at 0.7472 levels.
NZD/USD capped by 10-DMA
Currently, the NZD/USD pair trades higher by 0.15% near session highs at 0.7529 levels having previously posted day’s low at 0.7502 levels. NZD/USD remained elevated in Asia this morning on broad based US dollar weakness as traders took to profit booking after the recent rally in the greenback.
The greenback traded with gains against the kiwi in the North American session amid the release of pro-dollar macro data in the US. Notably, Markit's manufacturing PMI rose to its highest level since October, while personal income increased in January.
Moreover, gains in the Aussie on the back of solid building consents data also supported the upside in the Kiwi. Meanwhile, traders now await Reserve Bank of Australia’s cash rate announcement for further impact on the NZD/USD pair.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7536 (50-DMA) levels and above which it could extend gains to 0.7600 levels. To the downside immediate support might be located at 0.7500 levels below that at 0.7472 levels.