The NZD/USD pair kicked-off the week on a firmer footing, extending gains into a second week this Monday, as the post-NZ Q4 GDP correction picks-up pace ahead of the NZ GDT price index data and RBNZ cash rate decision due later this week.
However, further upside appears to lack follow-through, as the greenback attempts minor-recovery against its major peers, while weaker oil prices also limits the gains in the Kiwi. Later today, the USD price-action will continue to drive markets amid a lack of fresh economic data lined up for release in the NA session.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7095/0.7100 (100-DMA/ zero figure), above which it could extend gains to 0.7151/56 (50 & 200-DMA) and from there to 0.7200 (zero figure). To the downside immediate support might be located at 0.7025/22 (20 & 5-DMA) and from there to 0.6973/63 (Jan 16 & 17 low), below 0.6859/ 50 (Dec 23 low/ psychological levels) would be tested.
- R3 0.7049
- R2 0.7039
- R1 0.7034
- PP 0.7024
- S1 0.7018
- S2 0.7008
- S3 0.7002
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