NZD/USD: Bears fight back control, poised to test 0.6300
FXStreet (Mumbai) – NZD/USD faced rejection near the mid-point of the 0.63 handle in early moves, subsequently retraced and dived deeper into the red during mid-Asian trades, as the Kiwi tracked AUS/USD lower following RBA minutes release.
NZD/USD drops from 0.6342 levels
Currently, the NZD/USD pair trades -0.25% lower at fresh session lows of 0.6311, fading a spike to 0.6342 highs. The Kiwi edged higher in early dealings on the back of improving risk-sentiment towards higher yielding currencies.
However, NZD/USD failed to sustain at higher levels and turned in the red zone, following the moves in its OZ counterpart after RBA minutes failed to lift the sentiment around the Aussie.
Looking ahead, the pair will be influenced by the USD moves ahead of the key Fed decision to be announced on Thursday. While the GDT prices index and a set of US economic data due later today will also be closely watched for fresh incentives.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6368 (20-DMA) levels and above which it could extend gains to 0.6400 (Sept 10 High) levels. To the downside immediate support might be located at 0.6268 (Sept 4 Low) below that at 0.6241 (Sept 7 Low).
NZD/USD faced rejection near the mid-point of the 0.63 handle in early moves, subsequently retraced and dived deeper into the red during mid-Asian trades, as the Kiwi tracked AUS/USD lower following RBA minutes release.
(Market News Provided by FXstreet)