Monday, September 28, 2015

NZD/USD testing 0.6400 ahead of data-busy week

FXStreet (Mumbai) - The NZD/USD pair extends the recovery from fresh multi-year lows reached last week and rises for the fourth straight session on Monday, as RBNZ Governor Wheeler’s comments and a broadly weak USD lends a helping hand to the kiwi.

NZD/USD rises from 0.6360 levels

Currently, the NZD/USD pair trades 0.20% higher at fresh session highs just ahead of 0.64 handle. NZD/USD was caught by a renewed bid wave in mid-Asia as the Asian traders mulled over RBNZ Governor Wheeler’s comment published in the central bank’s 2014-2015 Annual report.

The Kiwi received fresh boost last week after the dairy giant, Fonterra, raised its milk-price forecast to $4.60 vs. $3.85/kg previous after the company reported large profits.

Meanwhile, NZD/USD is expected to track the USD moves with all eyes set on the key US macro releases in the week ahead while China manufacturing PMI and NZ business confidence numbers will be also closely watched for further cues.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.6436 (Sept 9 High) levels and above which it could extend gains to 0.6481 (Aug 31 High) levels. To the downside immediate support might be located at 0.6361 (Today’s Low) below that 0.6295 (Sept 25 Low).
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