FXStreet (Mumbai) – The bid tone around the NZD/USD pair keeps increasing as the persisting risk-on trades and subdued greenback after weak US jobs report, drives the Kiwi to fresh multi-week highs beyond 0.65 handle.
NZD/USD: 100-DMA at 0.6577 on sight
Currently, the NZD/USD pair trades 1.06% higher at 0.6513, easing-off fresh two-week highs recorded at 0.6532 in last hours. The Kiwi continues to benefit from better risk conditions amid rallying global equities and oil prices, thus boosting the demand for higher yielding assets such as the New Zealand dollar.
Moreover, weak US fundamentals as highlighted by the miserable non-farm payrolls data continue to weigh on the US dollar, thereby offering support to the NZD/USD pair.
Meanwhile, the focus now shifts towards the US ISM non-manufacturing PMI report ahead of the key NZ events due tomorrow.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6567 (Aug 25 High) levels and above which it could extend gains to 0.6600 levels. To the downside immediate support might be located at 0.6444 (Today’s Low) below that 0.6407 (Aug 26 Low).
(Market News Provided by FXstreet)