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15 May 2015
Will NZD/USD snap three-week losing streak?
FXStreet (Mumbai) - The NZD/USD pair is currently trading slightly above its previous week’s closing rate of 0.7420, after having suffered losses for the last three consecutive weeks.
US data holds the key
The US industrial production in April, due for release later today, is seen rising 0.1% over March 2015. The offers could be more pronounced on the NZD/USD pair in case the data prints higher than expected, thereby increasing the possibility of a weekly loss. On the other hand, a disappointing figure could see the USD getting offered across the board. In such a case, the pair could snap the three-week losing streak (0.7735-0.7420).
NZD/USD Technical Levels
The pair currently trades at 0.7440, with immediate resistance at 0.7491 (100-DMA) and 0.7549 (50-DMA). On the other hand, support is seen at 0.74 and 0.7360.
US data holds the key
The US industrial production in April, due for release later today, is seen rising 0.1% over March 2015. The offers could be more pronounced on the NZD/USD pair in case the data prints higher than expected, thereby increasing the possibility of a weekly loss. On the other hand, a disappointing figure could see the USD getting offered across the board. In such a case, the pair could snap the three-week losing streak (0.7735-0.7420).
NZD/USD Technical Levels
The pair currently trades at 0.7440, with immediate resistance at 0.7491 (100-DMA) and 0.7549 (50-DMA). On the other hand, support is seen at 0.74 and 0.7360.