21 Jan 2015
NZD/USD moves away from fresh 1-Month lows
FXStreet (Mumbai) - The New Zealand dollar stalled its descent and rebounded during the Asian session, as traders took to profit taking on their short positions after the recent slump seen in the pair.
Currently, the NZD/USD traded at 0.7661 levels, up 0.27% on the day, recovering from fresh one-month lows of 0.7620 levels posted in the previous session. The NZD/USD pair fell to fresh monthly lows after the NZ CPI data missed market forecasts and fell short of the Reserve Bank of New Zealand's 1-3% medium-term target band.
Moreover, the NZD/USD pair also remains supported on higher commodities prices.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7690 and above which it could extend gains to 0.7722 levels. To the downside, immediate support might be located at 0.7620 levels and below that at 0.7606 levels.
Currently, the NZD/USD traded at 0.7661 levels, up 0.27% on the day, recovering from fresh one-month lows of 0.7620 levels posted in the previous session. The NZD/USD pair fell to fresh monthly lows after the NZ CPI data missed market forecasts and fell short of the Reserve Bank of New Zealand's 1-3% medium-term target band.
Moreover, the NZD/USD pair also remains supported on higher commodities prices.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7690 and above which it could extend gains to 0.7722 levels. To the downside, immediate support might be located at 0.7620 levels and below that at 0.7606 levels.