FXStreet (Mumbai) – The New Zealand dollar recovered overnight losses and trades almost unchanged versus the American dollar in mid-Asia, keeping NZD/USD supported above 0.69 handle. The Kiwi tries to recover from near five year lows, with traders shrugging off mixed two tier macro data from New Zealand.
NZD/USD regains 0.6900
Currently, the NZD/USD pair trades flat at 0.6911, recovering from 0.6895 lows. NZD/USD tries to fight back lost ground, although poses a weak recovery from close to five year lows, as mixed economic releases from the Kiwi nation keeps the pair undermined.
a consumer confidence gauge declined in the June quarter, but migration data continued to show a strong flow of new people arriving to New Zealand last month. While NZ credit card spending data was seen flat for June at 7.1%.
However, the kiwi received some support from broad based US dollar weakness as traders now await fresh data flow from the US to gauge further USD moves. While NZ trade balance data will be closely watched later this week for further momentum.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6941 (June 12 Low) levels and above which it could extend gains 0.7000 levels. To the downside immediate support might be located at 0.6874 (June 17 Low) below that at 0.6800 (July 2010) levels.
(Market News Provided by FXstreet)