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10 Apr 2015
NZD/USD drops to 100-DMA
FXStreet (Mumbai) - The American dollar continues to remain in demand, pushing the NZD/USD pair lower to its 100-DMA located at 0.7553.
Rejected around 0.76
The pair was rejected closer to 0.76 for the third consecutive session today. The pair fell from a high of 0.7596 to trade at its 100-DMA. In the previous two sessions, the pair faced rejection around the same level as the recovery in the Treasury yields kept the demand for the USD underpinned.
It remains to be seen if the Kiwi continues to lose its grip and end the week lower against the USD. Given the absence of a major market moving data out of the US, the pair could take cues from the Treasury yields.
NZD/USD Technical Levels
The immediate resistance is seen at 0.76, above which gains could be extended to 0.7690. On the flip side, a break below 0.7553 (100-DMA), could drive the pair lower to 0.7493 (50-DMA).
Rejected around 0.76
The pair was rejected closer to 0.76 for the third consecutive session today. The pair fell from a high of 0.7596 to trade at its 100-DMA. In the previous two sessions, the pair faced rejection around the same level as the recovery in the Treasury yields kept the demand for the USD underpinned.
It remains to be seen if the Kiwi continues to lose its grip and end the week lower against the USD. Given the absence of a major market moving data out of the US, the pair could take cues from the Treasury yields.
NZD/USD Technical Levels
The immediate resistance is seen at 0.76, above which gains could be extended to 0.7690. On the flip side, a break below 0.7553 (100-DMA), could drive the pair lower to 0.7493 (50-DMA).