Tuesday, September 22, 2015

NZD/USD extending recovery towards hourly 200-MA

FXStreet (Mumbai) - The New Zealand dollar edged higher versus American counterpart at Tokyo open, with NZD/USD attempting a tepid recovery on the 0.63 handle, as the USD bulls took a breather in its recent upsurge.

NZD/USD supported at 0.6300

Currently, the NZD/USD pair trades 0.16% higher at 0.6330, retreating slightly from session lows struck at 0.6314 in overnight trades. NZD/USD corrects higher after the recent slump to 0.63 mark as the US dollar halted its upward rally against its major competitors, providing the much-needed respite to the Kiwi.

On Monday, the greenback showed solid strength against the New Zealand supported by hawkish comments from Fed official Bullard, thus pushing the Kiwi from intraday high near 0.64 handle to.6300 levels.

Meanwhile, NZD/USD is expected to track USD moves amid a data-dry trading session today, while liquidity remains low in Asia as Japan remains closed for the second day in a row on the back of a national holiday.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.6392 (Sept 21 High) levels and above which it could extend gains to 0.6452 (Sept 17 High) levels. To the downside immediate support might be located at 0.6300 (Sept 21 Low) below that 0.6255 (Sept 10 Low).
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