14 Mar 2016
NZD/USD extends losses in tandem with oil, nears 0.6700
The bearish pressure surrounding the New Zealand dollar strengthened post-European open, knocking-off NZD/USD to session lows just ahead of 0.67 barrier, before recovering some ground over the last hour.
NZD/USD drops to lows near hourly 100-SMA
Currently, the NZD/USD pair trades -0.30% at 0.6724, struggling to take on the recovery from 0.6711 session lows. The Kiwi remains offered this session as the US dollar extends its post-ECB recovery versus a basket of currencies amid improved risk-sentiment backed by rallying European equities. The USD index rises 0.21% to 96.44, extending higher from 96.13 lows.
The sell-off across the commodities-currencies can be attributed to the fresh selling seen in the oil prices after last week’s upsurge. Both crude benchmarks are down nearly 2%, while the Kiwi emerges the worst performer amongst the commodities-currencies bloc.
Nothing of note for the pair in terms of economic data and hence, attention now remains on the RBNZ Governor Wheeler’s speech due later tonight.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6772/76 (daily R3/ Mar 11 High), above which it could extend gains to 0.6800 (psychological levels). To the downside immediate support might be located at 0.6707/00 (5-DMA/ round number) and from there to 0.6642/22 (100 & 200-DMA).
NZD/USD drops to lows near hourly 100-SMA
Currently, the NZD/USD pair trades -0.30% at 0.6724, struggling to take on the recovery from 0.6711 session lows. The Kiwi remains offered this session as the US dollar extends its post-ECB recovery versus a basket of currencies amid improved risk-sentiment backed by rallying European equities. The USD index rises 0.21% to 96.44, extending higher from 96.13 lows.
The sell-off across the commodities-currencies can be attributed to the fresh selling seen in the oil prices after last week’s upsurge. Both crude benchmarks are down nearly 2%, while the Kiwi emerges the worst performer amongst the commodities-currencies bloc.
Nothing of note for the pair in terms of economic data and hence, attention now remains on the RBNZ Governor Wheeler’s speech due later tonight.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6772/76 (daily R3/ Mar 11 High), above which it could extend gains to 0.6800 (psychological levels). To the downside immediate support might be located at 0.6707/00 (5-DMA/ round number) and from there to 0.6642/22 (100 & 200-DMA).