FXStreet (Mumbai) – The New Zealand dollar is fighting to hold at higher levels versus the American dollar, sending NZD/USD back below 0.69 handle. The Kiwi shed gains and retraced in the European morning as the US dollar erased losses and rebounded higher versus its major competitors.
NZD/USD trims gains on stronger USD
Currently, the NZD/USD pair trades flat at 0.6894, retreating from 0.6925 highs. NZD/USD halted its recovery and erased most gains as the USD bulls jumped back into bids as traders favoured the reserve currency amid ongoing Greek uncertainties with all eyes set on the upcoming Euro group meeting.
In the day ahead, US data will remain the primary driver for the Kiwi pair, after the buck consolidated to the downside across the board on the back of no surprises to the third reading of US Q1 GDP.
The remainder of the week will bring the weekly update of initial jobless claims on Thursday morning along with June’s services PMI figure, which is expected to marginally rise to 56.5 points. Meanwhile, the trade balance in New Zealand is anticipated to shrink in May and the University of Michigan (UoM) confidence survey will wrap up the week.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6925 (Today’s High) levels and above which it could extend gains 0.6950 levels. To the downside immediate support might be located at 0.6850 below that at 0.6813 (June 23 Low) levels.
(Market News Provided by FXstreet)