NZD/USD back on the bids above 5-DMA

Dhwani Mehta FXStreet

The NZD bulls fought back control heading into mid-Asia, sending NZD/USD back into positive territory, despite risk-off and dismal NZ trade figures.

NZD/USD supported at 20-DMA

Currently, the NZD/USD pair trades +0.11% higher at fresh session highs of 0.7162, making headways towards 0.72 handle. The NZD/USD pair is seen making minor recovery attempts, as markets look to have ignored weaker NZ trade as well as China industrial profits data. The NZ trade deficit expanded to NZD -1436mln versus -1145mln expected and -1265mln last.

However, the upside appears limited amid risk-off moods and broad based US dollar strength, which will continue to keep a check on the prices. Later today, the major will get influenced by persisting RO-RO trends until the US durable goods release, which will be reported in the NA session.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7183 (daily R1), above which it could extend gains to 0.7210 (100-DMA) and from there to 0.7239 (50-DMA). To the downside immediate support might be located at 0.7100 (round figure) and from there to at 0.7080 (key support), below which 0.7040/32 (200-DMA/Oct 13 low) would be tested.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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