5 Mar 2015
NZD/USD rejected at 0.76 barrier
FXStreet (Mumbai) - The New Zealand dollar erased overnight gains and fell to fresh lows against its US counterpart, pulling away NZD/USD from 0.76 threshold, largely after China downgraded its annual growth target.
NZD/USD slips from 0.7597 levels
Currently, the NZD/USD pair fell by -0.50% at fresh session lows of 0.7548 levels, retreating from day’s high previously posted at 0.7597 levels. NZD/USD scrapped previous gains and tumbled to fresh session lows after Chinese officials downgraded the annual economic growth target "about 7%" growth this year, instead of last year's 7.5% target. China is New Zealand’s top trading partner. Moreover, downbeat Australian retail sales and trade balance data further accentuated losses in the Kiwi.
NZD/USD emerged as one of the strongest performers in the North American session, despite the US dollar sitting at a twelve year peak, mainly driven by technical buying taking the pair beyond 0.7600 levels.
In the day ahead, traders will now focus on US unemployment claims and factory orders data for further dollar moves.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7600 levels and above which it could extend gains to 0.7615 levels. To the downside immediate support might be located at 0.7530 (50-DMA) levels below that at 0.7500 levels.
NZD/USD slips from 0.7597 levels
Currently, the NZD/USD pair fell by -0.50% at fresh session lows of 0.7548 levels, retreating from day’s high previously posted at 0.7597 levels. NZD/USD scrapped previous gains and tumbled to fresh session lows after Chinese officials downgraded the annual economic growth target "about 7%" growth this year, instead of last year's 7.5% target. China is New Zealand’s top trading partner. Moreover, downbeat Australian retail sales and trade balance data further accentuated losses in the Kiwi.
NZD/USD emerged as one of the strongest performers in the North American session, despite the US dollar sitting at a twelve year peak, mainly driven by technical buying taking the pair beyond 0.7600 levels.
In the day ahead, traders will now focus on US unemployment claims and factory orders data for further dollar moves.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7600 levels and above which it could extend gains to 0.7615 levels. To the downside immediate support might be located at 0.7530 (50-DMA) levels below that at 0.7500 levels.