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11 Mar 2015
NZD/USD hovers near monthly lows around 0.7250
FXStreet (Mumbai) - NZD/USD remains subdued and falls to one month lows in the Asian session, as NZD bulls remain on the back seat amid a stronger greenback and ahead of tomorrow's RBNZ cash rate announcement and Monetary Policy Statement.
NZD/USD rejected at 0.73 barrier
Currently, the NZD/USD pair trades -0.22% lower at 0.7256, hovering close to fresh five week lows at 0.7250 levels. NZD/USD continues its descent, unable to breach 0.73 handle, as traders still remain wary about the contamination scare at dairy giant Fonterra, which may dent one of the country's biggest export commodities. Moreover, the soaring US dollar sitting at fresh twelve year peak around 98.70 levels continue to undermine the Kiwi pair.
Meanwhile, traders now shift their attention towards tomorrow morning’s RBNZ meeting with the central bank likely to keep rates on hold following footsteps of its Australian counterpart.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7300 levels and above which it could extend gains to 0.7349 (Jan 29 High) levels. To the downside immediate support might be located at 0.7234 (Feb 2 Low) levels below that at 0.7174 (Feb 3 Low) levels
NZD/USD rejected at 0.73 barrier
Currently, the NZD/USD pair trades -0.22% lower at 0.7256, hovering close to fresh five week lows at 0.7250 levels. NZD/USD continues its descent, unable to breach 0.73 handle, as traders still remain wary about the contamination scare at dairy giant Fonterra, which may dent one of the country's biggest export commodities. Moreover, the soaring US dollar sitting at fresh twelve year peak around 98.70 levels continue to undermine the Kiwi pair.
Meanwhile, traders now shift their attention towards tomorrow morning’s RBNZ meeting with the central bank likely to keep rates on hold following footsteps of its Australian counterpart.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7300 levels and above which it could extend gains to 0.7349 (Jan 29 High) levels. To the downside immediate support might be located at 0.7234 (Feb 2 Low) levels below that at 0.7174 (Feb 3 Low) levels