23 Dec 2014
EUR/NZD ticks up; shrugs off NZ trade data
FXStreet (Mumbai) - The Euro advanced against the New Zealand dollar, erasing gains from the Asian session as traders ignored improved trade data from the Kiwi nation.
The EUR/NZD pair now trades at 1.5840, up 0.11% on the day, close to day’s high of 1.5848 levels hit some minutes ago. The Kiwi gave up gains from better than expected November trade balance data as negative underlying trends of falling commodity prices continued to weigh on the New Zealand dollar. A rebound in Euro versus the US dollar from two and a half year low levels also supported the upside in the EUR/NZD pair.
EUR/NZD Technical Levels
The pair has an immediate resistance at 1.5863 (Nov 13 High) levels, above which gains could be extended to 1.5894 (Nov 14 High) levels. On the flip side, support is seen at 1.5817 (Dec 22 Low) levels, from here it to 1.5798 (Nov 28 Low) levels.
The EUR/NZD pair now trades at 1.5840, up 0.11% on the day, close to day’s high of 1.5848 levels hit some minutes ago. The Kiwi gave up gains from better than expected November trade balance data as negative underlying trends of falling commodity prices continued to weigh on the New Zealand dollar. A rebound in Euro versus the US dollar from two and a half year low levels also supported the upside in the EUR/NZD pair.
EUR/NZD Technical Levels
The pair has an immediate resistance at 1.5863 (Nov 13 High) levels, above which gains could be extended to 1.5894 (Nov 14 High) levels. On the flip side, support is seen at 1.5817 (Dec 22 Low) levels, from here it to 1.5798 (Nov 28 Low) levels.