24 Aug 2015
NZD/USD: Down into dumps, crosses-led weakness weighs
FXStreet (Mumbai) - NZD/USD continues to remain relentlessly offered in the European session mainly driven by EUR/NZD strength amid China meltdown and falling oil prices which keeps the risk-off tone intact in the markets.
NZD/USD tests low below 0.66 handle
Currently, the NZD/USD pair drops -1.50% to 0.6586, heading towards lows reached at 0.6577 in early Asia. The NZD/USD extends losses and is down over 50 pips so far as risk-aversion spurred by China worries dented the Antipodean currency badly.
Moreover, a 2% surge in EUR/NZD cross as euro added massive gains as emerging market currencies are heavily sold-off amid Chinese growth concerns and the risk-off sentiment on the markets.
In addition, RBNZ Spencer’s latest remarks, citing that interest rate rises are off the table for some time, further pressured the Kiwi to the downside.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6656 (Aug 12 High) levels and above which it could extend gains 0.6683 (July 31 High) levels. To the downside immediate support might be located at 0.6576 (Aug 20 Low) below that at 0.6515 (Aug 11 Low).
NZD/USD tests low below 0.66 handle
Currently, the NZD/USD pair drops -1.50% to 0.6586, heading towards lows reached at 0.6577 in early Asia. The NZD/USD extends losses and is down over 50 pips so far as risk-aversion spurred by China worries dented the Antipodean currency badly.
Moreover, a 2% surge in EUR/NZD cross as euro added massive gains as emerging market currencies are heavily sold-off amid Chinese growth concerns and the risk-off sentiment on the markets.
In addition, RBNZ Spencer’s latest remarks, citing that interest rate rises are off the table for some time, further pressured the Kiwi to the downside.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6656 (Aug 12 High) levels and above which it could extend gains 0.6683 (July 31 High) levels. To the downside immediate support might be located at 0.6576 (Aug 20 Low) below that at 0.6515 (Aug 11 Low).