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15 May 2015
NZD/USD off lows near 0.7450
FXStreet (Mumbai) - The New Zealand was relentlessly sold-off against the American dollar during the European trading, sending NZD/USD closer towards 0.74 barrier. The losses in the kiwi were accelerated on the back of weak demand in the dairy auction and falling prices with RBNZ rate cut bets expectations returning to markets.
NZD/USD recovers from 0.7438
Currently, the NZD/USD pair trades lower by -0.74% at 0.7444, heading towards fresh session lows reached at 0.7438. NZD/USD remains heavily offered as expectations for a Reserve Bank of New Zealand (RBNZ) interest rate cut rose among currency traders amid tumbling dairy prices in the latest auction supporting the view of diminishing demand for New Zealand's key export product.
Moreover, news re earthquake that hit Wellington coupled with solid rebound in the US dollar across the board continues to weigh on the NZD/USD pair.
Meanwhile, markets now await US industrial production and consumer sentiment data due later in the US session for major impact on the US dollar moves.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7500 levels and above which it could extend gains to 0.7563 (May 14 High) levels. To the downside immediate support might be located at 0.7423 levels below that at 0.7400 levels.
NZD/USD recovers from 0.7438
Currently, the NZD/USD pair trades lower by -0.74% at 0.7444, heading towards fresh session lows reached at 0.7438. NZD/USD remains heavily offered as expectations for a Reserve Bank of New Zealand (RBNZ) interest rate cut rose among currency traders amid tumbling dairy prices in the latest auction supporting the view of diminishing demand for New Zealand's key export product.
Moreover, news re earthquake that hit Wellington coupled with solid rebound in the US dollar across the board continues to weigh on the NZD/USD pair.
Meanwhile, markets now await US industrial production and consumer sentiment data due later in the US session for major impact on the US dollar moves.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7500 levels and above which it could extend gains to 0.7563 (May 14 High) levels. To the downside immediate support might be located at 0.7423 levels below that at 0.7400 levels.