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19 Mar 2015
NZD/USD back below 0.7500
FXStreet (Mumbai) - NZD/USD erased most overnight gains and trades modestly flat in the mid-Asian session, as traders moved past FOMC statement and NZ GDP print induced gains, while the US dollar regained lost footing across the board.
NZD/USD flattish around 0.7490
Currently, the NZD/USD pair trades flat near session lows at 0.7490, having previously posted day’s high at 0.7538. NZD/USD trades almost unchanged as the kiwi remains surrendered previous gains on a solid recovery in the greenback versus its major counterparts after the US dollar sank to fresh three week lows on a dovish FOMC statement.
NZD/USD rallied to fresh two week highs overnight after an upbeat NZ GDP print and a slightly more dovish Fed. On yearly basis, NZ economy accelerated from 3.2% to 3.5%, the highest rate since September 2007.
As expected, the FOMC dropped the word "patience" from its statement, paving the way for a rate cut as soon as June, however Fed Chair Janet Yellen told reporters that "just because we removed the word patient from the statement doesn't mean we're going to be impatient."
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7500 levels and above which it could extend gains to 0.7538 (Today’s High) levels. To the downside immediate support might be located at 0.7434 (20-DMA) levels below that at 0.7400 levels
NZD/USD flattish around 0.7490
Currently, the NZD/USD pair trades flat near session lows at 0.7490, having previously posted day’s high at 0.7538. NZD/USD trades almost unchanged as the kiwi remains surrendered previous gains on a solid recovery in the greenback versus its major counterparts after the US dollar sank to fresh three week lows on a dovish FOMC statement.
NZD/USD rallied to fresh two week highs overnight after an upbeat NZ GDP print and a slightly more dovish Fed. On yearly basis, NZ economy accelerated from 3.2% to 3.5%, the highest rate since September 2007.
As expected, the FOMC dropped the word "patience" from its statement, paving the way for a rate cut as soon as June, however Fed Chair Janet Yellen told reporters that "just because we removed the word patient from the statement doesn't mean we're going to be impatient."
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7500 levels and above which it could extend gains to 0.7538 (Today’s High) levels. To the downside immediate support might be located at 0.7434 (20-DMA) levels below that at 0.7400 levels