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30 Jul 2015
NZD/USD: Offered tone intact, near 0.6640
FXStreet (Mumbai) - The New Zealand dollar remains heavy versus the American dollar heading into mid-Asia, keeping NZD/USD deep in the red below 0.6650 levels, as the US dollar keeps the upper hand on monetary policies divergence while traders now await key US macro data for further direction on the pair.
NZD/USD meanders near lows
Currently, the NZD/USD pair trades -0.44% lower at 0.6637, recovering from fresh session lows of 0.6628. The NZD/USD pair remains under pressure largely as the US dollar rides higher on the FOMC statement released Wednesday overnight.
The FOMC statement was largely viewed as dovish, offering no cues on rate-hike timings although acknowledged improving US economy led by strong labour market, which boosted the USD rally.
Moreover, the pair continues to remain undermined following the latest downbeat building consents data from New Zealand. The Kiwi nation’s residential building consents fell 4.1% in June as construction intentions in Canterbury tapered off, with the region's housing rebuild nearing a plateau.
Markets now turn their attention towards US key data flow may influence the pair later tonight.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6698 (July 23 High) levels and above which it could extend gains 0.6716 (July 28 High). To the downside immediate support might be located at 0.6590 (July 28 Low) below that at 0.6556 (July 27 Low) levels.
NZD/USD meanders near lows
Currently, the NZD/USD pair trades -0.44% lower at 0.6637, recovering from fresh session lows of 0.6628. The NZD/USD pair remains under pressure largely as the US dollar rides higher on the FOMC statement released Wednesday overnight.
The FOMC statement was largely viewed as dovish, offering no cues on rate-hike timings although acknowledged improving US economy led by strong labour market, which boosted the USD rally.
Moreover, the pair continues to remain undermined following the latest downbeat building consents data from New Zealand. The Kiwi nation’s residential building consents fell 4.1% in June as construction intentions in Canterbury tapered off, with the region's housing rebuild nearing a plateau.
Markets now turn their attention towards US key data flow may influence the pair later tonight.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6698 (July 23 High) levels and above which it could extend gains 0.6716 (July 28 High). To the downside immediate support might be located at 0.6590 (July 28 Low) below that at 0.6556 (July 27 Low) levels.