FXStreet (Mumbai) – The NZD/USD pair is seen clinging to the strong support placed at 0.6720, although fails every attempt to rise above 0.6740 since late-Asian trades.
NZD/USD: Bulls lined up at 0.6720
Currently, the NZD/USD pair drops -0.50% to 0.6730, hovering in a 20-pips tight range in the European session. The downside in the Kiwi remains cushioned on the back of expectations that the RBNZ will keep rates-on hold while the relief rally seen in oil prices also offers some respite to the resource-linked NZD.
The bird dropped sharply in Asia, tracking the massive slump witnessed in the AUD/USD pair following the release of below estimates Australia’s CPI figures. While the cautious trades ahead of the Fed outcome also weighs on the demand for higher yielding currencies.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6776/79 (today’s high + daily pivot), above which it could extend gains to 0.6800 (round number) levels. To the downside immediate support might be located at 0.6719 (today’s low) below that 0.6673 (daily S3).
(Market News Provided by FXstreet)