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26 Jan 2015
NZD/USD recovers from fresh 2-1/2 yr lows; holds above 0.7400
FXStreet (Mumbai) - NZD/USD started the week on a negative note, however, managed to recoup partial losses after having fallen to fresh two and a half year lows in early Asian morning.
Currently, the NZD/USD traded at 0.7436, down 0.16% on the day, recovering from a new 2-1/2 year low at 0.7406 levels. NZD/USD continued to head southwards as broad based US dollar strength weighed on the Kiwi. Moreover, bearish NZ credit card spending numbers also contributed to the weakness in the pair. Credit card billings dipped in December to about NZD3.7 bn, down 0.6% on the previous month.
Meanwhile, the NZD/USD pair is expected to remain pressured ahead of Reserve Bank of New Zealand (RBNZ) cash rate announcement later this week.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7442 and above which it could extend gains to 0.7472 levels. To the downside, immediate support might be located at 0.7400 levels and below that at 0.7325 levels
Currently, the NZD/USD traded at 0.7436, down 0.16% on the day, recovering from a new 2-1/2 year low at 0.7406 levels. NZD/USD continued to head southwards as broad based US dollar strength weighed on the Kiwi. Moreover, bearish NZ credit card spending numbers also contributed to the weakness in the pair. Credit card billings dipped in December to about NZD3.7 bn, down 0.6% on the previous month.
Meanwhile, the NZD/USD pair is expected to remain pressured ahead of Reserve Bank of New Zealand (RBNZ) cash rate announcement later this week.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7442 and above which it could extend gains to 0.7472 levels. To the downside, immediate support might be located at 0.7400 levels and below that at 0.7325 levels