FXStreet (Mumbai) – NZD/USD tracks the losses in its OZ neighbour and languishes near session lows on the back of ongoing sell-off across the higher-yielding assets on resurfacing China economic concerns.
NZD/USD drops below hourly 200-SMA at 0.6471
Currently, the NZD/USD pair trades -0.33% lower at fresh session lows of 0.6461, having faced fresh sellers at 0.6485 region in early Europe. The Kiwi came under renewed selling pressure this session after the European stocks dived deeper into the red and curbed further the appetite for risk/higher-yielding currencies.
The NZD/USD pair remains weak so far this Monday as the renewed concerns over the health of New Zealand’s biggest trading partner, China, flagged by poor manufacturing data weighed on the Kiwi as well as on the oil prices.
Focus now shifts towards a slew of US economic releases in the session ahead, while the sentiment around the oil prices and stocks continue to dominate.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6516/20 (Jan 28 High/ Daily R3), above which it could extend gains to 0.6563 (Jan 21 High) levels. To the downside immediate support might be located at 0.6417/12 (Jan 28 & 27 Low) and from there to 0.6379 (Jan 15 Low).
(Market News Provided by FXstreet)