NZD/USD heavy, but bounces-off 0.6920 post-NZ data
|The New Zealand dollar found some support from upbeat NZ credit card spending data, and hence, aids the recovery in NZD/USD from daily lows struck at 0.6922.
The Kiwi stalled its three-day sell-off and now looks to regain 0.6950 barrier amid a minor-retreat in the treasury yields, which boosts the demand for the NZD as an alternative higher-yielding Emerging Market currency.
Moreover, a broadly subdued US dollar also collaborates to the renewed upside seen in NZD/USD over the last hour. Meanwhile, the bulls also find some respite from persisting risk-on market profile amid easing political concerns.
Focus now shifts towards the US oil inventories data and Trump administration’s tax reforms plan’s announcement due later in the NA session.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6968 (daily pivot), above which it could extend gains to 0.6986/96 (20 & 5-DMA) and from there to 0.7050 (classic R2/ Fib R3). To the downside immediate support might be located at 0.6905/00 (Apr 12 low/ zero figure), and from there to 0.6887 (Mar 9 low), below 0.6836 (classic S3) would be tested.
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