FXStreet (Mumbai) - The NZD/USD pair stalled its recovery near 0.6300 levels and receded slightly in the Asian morning, as the Kiwi remains capped on mixed NZ fundamentals.
NZD/USD attempting 0.63 handle
Currently, the NZD/USD pair trades 0.14% higher at 0.6287, languishing close to fresh lows struck at 0.6281. NZD/USD extends recovery from fresh multi-year lows and clinged to gains in Asia as the latest Fonterra news boosted the Kiwi bulls.
The dairy giant, Fonterra, raised its milk-price forecast to $4.60 this season from its previous estimate of $3.85 per kilogram of milk solids after the company reported large profits.
However, the recovery remains confined below 0.63 barrier as the downbeat NZ trade balance data continue to weigh on investors’ sentiment.
The trade deficit expanded to an 11-month high from $649 million in July to $1.04 billion last month, coming in larger than the market forecast of a $850 million shortfall.
Meanwhile, NZD/USD is expected to track broader market sentiment and could be influenced by the US macro data due later in the New York session.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6298 (Today’s High) levels and above which it could extend gains to 0.6339 (Sept 22 High) levels. To the downside immediate support might be located at 0.6241 (Sept 7 Low) below that 0.6200 (2009 Levels).
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