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4 Mar 2015
NZD/USD steadies above 0.7550
FXStreet (Mumbai) - The New Zealand dollar trimmed gains and traded moderately higher against its US counterpart, pulling away NZD/USD from fresh session highs, moving in tandem with the Australian dollar.
NZD/USD supported above 5-DMA at 0.7546
Currently, the NZD/USD pair trades 0.09% higher at 0.7559 levels, retreating from a two day high reached at 0.7570 levels. NZD/USD remained elevated in the Asian morning largely locking in step with the Australian neighbour after the Aussie was boosted on the back of upbeat Australia’s GDP numbers which showed that the OZ economy sped to 0.5% Q4 2014 from 0.3% in the September quarter. Moreover, reports that Australian services sector displayed signs of expansion for the first time in 12 months in February also kept the Kiwi supported.
NZD/USD declined in overnight trading as investors digested Fonterra's fortnightly Global Dairy Trade (GDT) auction results, which saw average dairy prices rise just 1.1% overnight.
Meanwhile, traders will now focus on US employment data due later as there is little to note on New Zealand's economic data calendar today.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7600 levels and above which it could extend gains to 0.7618 levels. To the downside immediate support might be located at 0.7534 (50-DMA) levels below that at 0.7500 levels.
NZD/USD supported above 5-DMA at 0.7546
Currently, the NZD/USD pair trades 0.09% higher at 0.7559 levels, retreating from a two day high reached at 0.7570 levels. NZD/USD remained elevated in the Asian morning largely locking in step with the Australian neighbour after the Aussie was boosted on the back of upbeat Australia’s GDP numbers which showed that the OZ economy sped to 0.5% Q4 2014 from 0.3% in the September quarter. Moreover, reports that Australian services sector displayed signs of expansion for the first time in 12 months in February also kept the Kiwi supported.
NZD/USD declined in overnight trading as investors digested Fonterra's fortnightly Global Dairy Trade (GDT) auction results, which saw average dairy prices rise just 1.1% overnight.
Meanwhile, traders will now focus on US employment data due later as there is little to note on New Zealand's economic data calendar today.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7600 levels and above which it could extend gains to 0.7618 levels. To the downside immediate support might be located at 0.7534 (50-DMA) levels below that at 0.7500 levels.