Back
29 Jul 2015
NZD/USD: back below 0.67
FXStreet (Mumbai) - The bid tone on the USD recovered in the early European session, pushing the NZD/USD back below 0.67 handle.
Focus on Fed
The USD recovered across the board ahead of the FOMC statement due for release later today. Earlier today, the Kiwi had rose to a high of 0.6737 after RBNZ governor stated that the economy currently isn’t weak enough that it requires more exuberant OCR cut expectations.
Ahead in the day, the spot is likely to move lint with the overall market sentiment. The stability in the Chinese equity markets may provide some cushion to the Kiwi, although a major move in the pair could be seen after the Fed policy statement is out.
NZD/USD Technical Levels
The spot currently trades around 0.6690. The immediate resistance is located at 0.6737 (daily high), above which gains could be extended to 0.68. On the other hand, support is seen at 0.6619 (July 7 low) and 0.6554 (July 24 low).
Focus on Fed
The USD recovered across the board ahead of the FOMC statement due for release later today. Earlier today, the Kiwi had rose to a high of 0.6737 after RBNZ governor stated that the economy currently isn’t weak enough that it requires more exuberant OCR cut expectations.
Ahead in the day, the spot is likely to move lint with the overall market sentiment. The stability in the Chinese equity markets may provide some cushion to the Kiwi, although a major move in the pair could be seen after the Fed policy statement is out.
NZD/USD Technical Levels
The spot currently trades around 0.6690. The immediate resistance is located at 0.6737 (daily high), above which gains could be extended to 0.68. On the other hand, support is seen at 0.6619 (July 7 low) and 0.6554 (July 24 low).