13 Jan 2015
NZD/USD trades below 50-DMA
FXStreet (Mumbai) - The New Zealand dollar erased previous gains and traded flat against the US counterpart in the late Asian session, as the USD bulls shaved off losses and regained strength versus its major peers.
Currently, the NZD/USD traded at 0.7774 levels, down -0.12% on the day, hitting intraday high at 0.7803 levels, earlier in the session. The NZD/USD pair edged lower as further declines in oil prices pushed the commodity-based currency lower. The Kiwi also declined tracking the Aussie as AUD/USD also wiped off previous gains. Moreover, decline in Chinese imports in December also contributed to the downside in the New Zealand dollar as China is the Kiwi nation’s top export destination.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7786 (50-DMA) and above which it could extend gains to 0.7814 (5-DMA) levels. To the downside, immediate support might be located at 0.7730 levels and below that at 0.77 levels.
Currently, the NZD/USD traded at 0.7774 levels, down -0.12% on the day, hitting intraday high at 0.7803 levels, earlier in the session. The NZD/USD pair edged lower as further declines in oil prices pushed the commodity-based currency lower. The Kiwi also declined tracking the Aussie as AUD/USD also wiped off previous gains. Moreover, decline in Chinese imports in December also contributed to the downside in the New Zealand dollar as China is the Kiwi nation’s top export destination.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7786 (50-DMA) and above which it could extend gains to 0.7814 (5-DMA) levels. To the downside, immediate support might be located at 0.7730 levels and below that at 0.77 levels.