FXStreet (Mumbai) – The New Zealand dollar erased gains and trades modestly flat versus its American counterpart in the European session, with NZD/USD holding above 0.6300 levels.
NZD/USD trades below 10-DMA
Currently, the NZD/USD pair trades flat at 0.6318, cooling-off from fresh session highs posted at 0.6337 in last hours. The Kiwi failed another attempt to break above 0.6345 levels reached in early Asia and now recedes gains as the greenback appears to have recovered lost footing against its major peers.
Earlier this session, the kiwi spiked to highs near 0.6340 levels as the traders gave away the US dollar amid increasing speculation over the delay in Fed rate hike to Dec this year.
Looking ahead, the pair will be influenced by the USD moves ahead of the Fed decision to be announced on Thursday. While the GDT prices index and a set of US economic data due tomorrow will also be closely watched for fresh incentives.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6400 (Sept 10 High) levels and above which it could extend gains to 0.6481 (Aug 31 High) levels. To the downside immediate support might be located at 0.6268 (Sept 4 Low) below that at 0.6241 (Sept 7 Low).
(Market News Provided by FXstreet)