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28 Jan 2015
NZD/USD hovers above 5-DMA
FXStreet (Mumbai) - NZD/USD remained elevated during the European session, failing to break above 0.75 handle as traders remain cautious ahead of FOMC meeting, to be followed by the RBNZ meeting and trade balance data from New Zealand.
Currently, the NZD/USD traded at 0.7466, up 0.19% on the day, having previously posted day’s high at 0.7482 and day’s low at 0.7424 levels. NZD/USD is seen trading in a very tight range as markets expect Fed to stick to its patient stance in the upcoming meeting later in the day. Meanwhile, the RBNZ is expected to leave its benchmark interest rate at a record low 0.25% at its monetary policy meeting tomorrow.
Moreover, an upcoming report on the Kiwi’s trade balance is also likely to be closely watched for further momentum on the pair.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7500 and above which it could extend gains to 0.7550 (10-DMA) levels. To the downside, immediate support might be located at 0.7424 levels and below that at 0.7400 levels
Currently, the NZD/USD traded at 0.7466, up 0.19% on the day, having previously posted day’s high at 0.7482 and day’s low at 0.7424 levels. NZD/USD is seen trading in a very tight range as markets expect Fed to stick to its patient stance in the upcoming meeting later in the day. Meanwhile, the RBNZ is expected to leave its benchmark interest rate at a record low 0.25% at its monetary policy meeting tomorrow.
Moreover, an upcoming report on the Kiwi’s trade balance is also likely to be closely watched for further momentum on the pair.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7500 and above which it could extend gains to 0.7550 (10-DMA) levels. To the downside, immediate support might be located at 0.7424 levels and below that at 0.7400 levels