12 Aug 2015
NZD/USD attempts tepid recovery to 0.6500 post PBOC Yuan fix again
FXStreet (Mumbai) - The New Zealand dollar manages to recover some losses, although remains deep in the red versus its US counterpart in mid-Asia, keeping NZD/USD near fresh cycle lows, as the Kiwi was once again hammered on risk-aversion after the PBOC set the yuan reference rate lower for the second day in a row.
NZD/USD pressured by PBOC again
Currently, the NZD/USD pair drops -0.44% to 0.6505, recovering slightly from fresh six-year lows reached at 0.6468 earlier today. The Antipodean came under fresh selling pressure after the Chinese yuan was devalued against the US dollar for the second time in two days, crushing risk appetite in the markets.
The NZD/USD pair tracked losses from the Aussie which also plunged to fresh cycle lows amid broad based risk-off moods spurred by the Chinese central bank, raising doubts about the economic slowdown in the world’s second largest economy.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6557 (Today’s High) levels and above which it could extend gains 0.6600 levels. To the downside immediate support might be located at 0.6468 (Today’s Low) below that at 0.6400 (2009 levels).
NZD/USD pressured by PBOC again
Currently, the NZD/USD pair drops -0.44% to 0.6505, recovering slightly from fresh six-year lows reached at 0.6468 earlier today. The Antipodean came under fresh selling pressure after the Chinese yuan was devalued against the US dollar for the second time in two days, crushing risk appetite in the markets.
The NZD/USD pair tracked losses from the Aussie which also plunged to fresh cycle lows amid broad based risk-off moods spurred by the Chinese central bank, raising doubts about the economic slowdown in the world’s second largest economy.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6557 (Today’s High) levels and above which it could extend gains 0.6600 levels. To the downside immediate support might be located at 0.6468 (Today’s Low) below that at 0.6400 (2009 levels).