NZD/USD off-lows, but capped below 0.7300
|The NZD/USD pair stalled its overnight sell-off from multi-week highs, and now attempts a tepid-bounce to reclaim 0.73 handle amid mixed Asian session.
NZD/USD keeps the red as Oil slips
Currently, the NZD/USD pair drops -0.14% to 0.7280, having failed several attempts to retest 0.73 barrier. The Kiwi failed to sustain above 0.7300 levels in Asia, with fresh offers hitting the NZD after the NZ trade balance data showed that the deficit expanded more than expected.
Meanwhile, markets resorted to profit-taking after the major reached three-week highs yesterday, in response to RBNZ Governor Wheeler’s hawkish comments. While fresh selling seen in the oil prices also collaborated to downbeat sentiment around the resource-linked NZD.
All eyes now remain on the US crude oil inventories and existing home sales data amid a fairly quiet economic calendar today.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7300 (round number), above which it could extend gains to at 0.7339/46 (daily R1/ 3-week tops). To the downside immediate support might be located at 0.7260 (10-DMA) and from there to at 0.7218 (20-DMA).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.