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10 Feb 2015
NZD/USD hits fresh 2-week highs
FXStreet (Mumbai) - NZD/USD jumped to fresh two week highs in the Asian session, extending gains for the second straight session, following the Aussie after improved business confidence numbers.
NZD/USD likely to attack 0.7450
Currently, the NZD/USD traded 0.37% higher on the day at 0.7438, on its way to test the crucial barrier at 0.7450 levels. The New Zealand dollar jumped against its US counterpart after softer Chinese price pressures print stoked further easing expectations in China, in a bid to spur the country’s growth. China is New Zealand’s top trading partner.
Moreover, the pair also gained on the back stabilizing oil prices and higher copper and precious metals prices. Also, weaker US labour conditions data dragged the USD lower, which pushed the pair higher.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7450 and above which it could extend gains to 0.7497 levels. To the downside, immediate support might be located at 0.7400 levels and below that at 0.7333 levels.
NZD/USD likely to attack 0.7450
Currently, the NZD/USD traded 0.37% higher on the day at 0.7438, on its way to test the crucial barrier at 0.7450 levels. The New Zealand dollar jumped against its US counterpart after softer Chinese price pressures print stoked further easing expectations in China, in a bid to spur the country’s growth. China is New Zealand’s top trading partner.
Moreover, the pair also gained on the back stabilizing oil prices and higher copper and precious metals prices. Also, weaker US labour conditions data dragged the USD lower, which pushed the pair higher.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7450 and above which it could extend gains to 0.7497 levels. To the downside, immediate support might be located at 0.7400 levels and below that at 0.7333 levels.