FXStreet (Mumbai) – The New Zealand dollar was the best performer among the commodity-currencies so far, with the bulls brushing away a broad based US dollar comeback.
NZD/USD fails near Monday’s high
Currently, the NZD/USD pair trades 0.07% higher at 0.6560, recovering from fresh session lows struck at 0.6549. The Kiwi fought back the green zone and now extends towards daily highs, as investors continue to unwind their NZD shorts after the bird fell to more than one-month low last week.
Moreover, the NZD/USD pair remains unperturbed by the renewed sell-off across the commodities and also resilient to the USD rally. Copper prices fell back in the red and now loses -1.35%, the US oil drops over 1% and gold turned negative near 1073 levels.
Markets now head into a fuller US calendar, with the US durable goods orders, core PCE index and consumer sentiment on the cards. While NZ trade balance due tomorrow will also remain on tap for further momentum.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6583/80 (Nov 23 &Today’s High), above which it could extend gains to 0.6609 (Nov 20 High) levels. To the downside immediate support might be located at 0.6546 (20-DMA) below that 0.6500 (round number).
(Market News Provided by FXstreet)