27 Jul 2015
NZD/USD: relief rally continues, prints highs near 0.6640
FXStreet (Mumbai) - The Kiwi bulls remained firm despite upbeat US durable goods report, taking the NZD/USD pair to a fresh session high of 0.6640.
USD offered across the board
The weak tone on the USD remained intact even though the core durable goods orders printed at 9-month high. The broad based weakness in the USD, helped the NZD/USD pair breakout from the sideways move – 0.6590-0.6615 – witnessed throughout the European session.
Moreover, the Kiwi bears have taken a back seat after the RBNZ announced an interest rate cut last week as expected. It remains to be seen if the relief rally lasts long enough in the wake of fresh rout in Chinese equities.
NZD/USD Technical Levels
The spot now trades around 0.6625. The immediate resistance is located at 0.6638 (daily high), followed by a major hurdle at 0.6694 (July 23 high). On the other hand, support is seen at 0.6582 (hourly 100-MA) and 0.6554 (July 24 low).
USD offered across the board
The weak tone on the USD remained intact even though the core durable goods orders printed at 9-month high. The broad based weakness in the USD, helped the NZD/USD pair breakout from the sideways move – 0.6590-0.6615 – witnessed throughout the European session.
Moreover, the Kiwi bears have taken a back seat after the RBNZ announced an interest rate cut last week as expected. It remains to be seen if the relief rally lasts long enough in the wake of fresh rout in Chinese equities.
NZD/USD Technical Levels
The spot now trades around 0.6625. The immediate resistance is located at 0.6638 (daily high), followed by a major hurdle at 0.6694 (July 23 high). On the other hand, support is seen at 0.6582 (hourly 100-MA) and 0.6554 (July 24 low).