12 Feb 2015
NZD/USD falls to fresh weekly lows
FXStreet (Mumbai) - The New Zealand dollar erased previous gains and slipped to fresh one-week lows against the US counterpart largely following the downtrend in the Aussie on bearish jobs data.
Supported above 0.7330 levels
Currently, the NZD/USD trades lower by -0.34% on the day, at 0.7343 levels, having recorded fresh weekly lows at 0.7332 levels. NZD/USD fell mainly mirroring the losses in the Aussie after its Oz neighbour reported an unexpected rise in the unemployment rate. Moreover, NZ data showing manufacturing PMI declined to a two year low, added further to the losses in the Kiwi.
NZD/USD also remained pressured after a drought crisis was declared in large parts of New Zealand by the Minister for Primary Industries, signalling negative impacts on this year's growth outlook.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7380 levels and above which it could extend gains to 0.7430 levels. To the downside immediate support might be located at 0.7321 levels below that at 0.7288 levels.
Supported above 0.7330 levels
Currently, the NZD/USD trades lower by -0.34% on the day, at 0.7343 levels, having recorded fresh weekly lows at 0.7332 levels. NZD/USD fell mainly mirroring the losses in the Aussie after its Oz neighbour reported an unexpected rise in the unemployment rate. Moreover, NZ data showing manufacturing PMI declined to a two year low, added further to the losses in the Kiwi.
NZD/USD also remained pressured after a drought crisis was declared in large parts of New Zealand by the Minister for Primary Industries, signalling negative impacts on this year's growth outlook.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7380 levels and above which it could extend gains to 0.7430 levels. To the downside immediate support might be located at 0.7321 levels below that at 0.7288 levels.