NZD/USD eases-off 2-week tops at 0.7340
|The bullish pressure behind NZD/USD lost steam in the European morning, now driving the rate slightly away from two-week highs clocked at 0.7340 in the last hour.
NZD/USD retreats on lower Oil
Currently, the NZD/USD pair now gains +0.62% to 0.7318, having breached the key support of 5-DMA (0.7324). The Kiwi stalled its recovery from 100-DMA just below the mid-point of 0.73 handle, as renewed weakness in the black gold weighed on the resource-linked NZD. Further, minor-recovery attempts seen in the US dollar against its major peers, also dampened the sentiment around the major.
Meanwhile, markets moved past hawkish comments from RBNZ Governor Wheeler, as focus now shifts towards the US macro updates due later today ahead of the much-anticipated NZ trade balance due Wednesday.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7340/47 (daily high & R2), above which it could extend gains to 0.7400 (round number). To the downside immediate support might be located at 0.7296 (20-DMA) and from there to at 0.7269/67 (50 & 100-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.