15 Jun 2015
NZD/USD recovers but fails to rally above 0.7000
FXStreet (Córdoba) - NZD/USD gained momentum during the last hours amid a weak US dollar across the board and printed a fresh daily high at 0.7009 but failed to hold above 0.7000 and currently trades at 0.6993, up 0.15% for the day.
The kiwi is rising for the first time after falling more than two hundred pips during the previous two trading days after the rate cut by the Reserve Bank of New Zealand.
Greenback today weakened in the market after the release of US economic data that showed an unexpected contraction in industrial production in May (-0.2% vs +0.3%). The positive report came from the real estate sector with the NAHB Housing Market Index rising from 54 to 59 in June.
NZD/USD technical levels
To the upside, immediate resistance lies at 0.7010 (daily high) and above here at 0.7030 (June 12 high). On the opposite direction support could be located at 0.6980 (hourly 20-SMA), 0.6960 (daily low) and 0.6940 (June 12 low).
The kiwi is rising for the first time after falling more than two hundred pips during the previous two trading days after the rate cut by the Reserve Bank of New Zealand.
Greenback today weakened in the market after the release of US economic data that showed an unexpected contraction in industrial production in May (-0.2% vs +0.3%). The positive report came from the real estate sector with the NAHB Housing Market Index rising from 54 to 59 in June.
NZD/USD technical levels
To the upside, immediate resistance lies at 0.7010 (daily high) and above here at 0.7030 (June 12 high). On the opposite direction support could be located at 0.6980 (hourly 20-SMA), 0.6960 (daily low) and 0.6940 (June 12 low).