28 Apr 2015
NZD/USD off fresh weekly highs near 0.7680
FXStreet (Mumbai) - The New Zealand dollar erased previous losses and extends its uptrend versus its American counterpart for the third straight session, taking NZD/USD to fresh one-week highs, largely on the back of persistent US dollar weakness across the board as market participants wait for the FOMC and RBNZ monetary policy meetings later in the week.
NZD/USD extends beyond 0.7650
Currently, the NZD/USD pair trades higher by 0.41% at 0.7679, retracing from fresh session highs at 0.7687 posted some minutes ago. NZD/USD resumed its upbeat momentum as the US dollar snapped its recovery and fell back in red as traders continue to weigh the recent weak US fundamentals in to the Fed’s 2-day monetary policy meeting starting later today.
Analysts at ANZ notes, "the domestic economy continues to roll on, downside risks are becoming more apparent (dairy), the NZD is at eye-watering levels and shows no sign of let-up, and core inflation once again undershot expectations and is receding, not accelerating."
Meanwhile, markets remain nervous ahead of Fed meeting on Wednesday and RBNZ Rate Statement due on Friday which may have major impacts on the Kiwi.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7715 levels and above which it could extend gains to 0.7743 levels. To the downside immediate support might be located at 0.7617 levels below that at 0.7581 (April 27 Low) levels.
NZD/USD extends beyond 0.7650
Currently, the NZD/USD pair trades higher by 0.41% at 0.7679, retracing from fresh session highs at 0.7687 posted some minutes ago. NZD/USD resumed its upbeat momentum as the US dollar snapped its recovery and fell back in red as traders continue to weigh the recent weak US fundamentals in to the Fed’s 2-day monetary policy meeting starting later today.
Analysts at ANZ notes, "the domestic economy continues to roll on, downside risks are becoming more apparent (dairy), the NZD is at eye-watering levels and shows no sign of let-up, and core inflation once again undershot expectations and is receding, not accelerating."
Meanwhile, markets remain nervous ahead of Fed meeting on Wednesday and RBNZ Rate Statement due on Friday which may have major impacts on the Kiwi.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7715 levels and above which it could extend gains to 0.7743 levels. To the downside immediate support might be located at 0.7617 levels below that at 0.7581 (April 27 Low) levels.