Friday, September 18, 2015

NZD/USD recovers post-FOMC losses, firmer above 0.6400

FXStreet (Mumbai) - NZD/USD recovered post-FOMC losses and now consolidated to the upside in the mid-European session, as softer buck coupled with higher commodity prices underpin.

NZD/USD retests 0.6330 region

Currently, the NZD/USD pair trades 1.24% higher at fresh session highs of 0.6433, eyeing a test of 0.6446 levels reached on FOMC announcement. The NZD bulls were bolstered in the European hours on the back of broad based US dollar sell-off and also on firmer commodity prices.

The NZD/USD pair is now gathering pace to surpass FOMC-highs as the rally in gold and oil prices continue to boost the resource-linked New Zealand dollar.

Moreover, the Fed decision-led risk-off sentiment keeps the US dollar broadly undermined, providing further impetus to the NZD/USD pair.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.6452 (Sept 17 High) levels and above which it could extend gains to 0.6500 levels. To the downside immediate support might be located at 0.6345 (Today’s Low) below that 0.6310 (Sept 2 Low).
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