8 Jul 2015
NZD/USD sees cross driven strength
FXStreet (Mumbai) - The Kiwi is the only major commodity currency that has managed to etch out gains against the USD on Wednesday largely due to the sell-off in the AUD/NZD pair.
NZD/USD up 0.9%
The pair currently trades around 0.6705 levels, up 0.9% on the day. The New Zealand has strengthened due to a more than 1% sell-off seen in the AUD/NZD cross. The Aussie has been sold aggressively due to the triple whammy of falling iron ore prices, rout in Chinese markets and fears of Grexit. The Kiwi is relatively less exposed to the said factors as compared to the Aussie.
With an empty New Zealand economic calendar for the rest of the week, the pair is at the mercy of the Fed minutes release, china CPI data and the movement in the AUD/NZD cross.
NZD/USD Technical Levels
The immediate resistance is located at 0.6733 levels, above which the pair could target 0.6800. On the downside, immediate support is seen at 0.6650 (June 2010 levels), followed by support at the psychological level of 0.6600.
NZD/USD up 0.9%
The pair currently trades around 0.6705 levels, up 0.9% on the day. The New Zealand has strengthened due to a more than 1% sell-off seen in the AUD/NZD cross. The Aussie has been sold aggressively due to the triple whammy of falling iron ore prices, rout in Chinese markets and fears of Grexit. The Kiwi is relatively less exposed to the said factors as compared to the Aussie.
With an empty New Zealand economic calendar for the rest of the week, the pair is at the mercy of the Fed minutes release, china CPI data and the movement in the AUD/NZD cross.
NZD/USD Technical Levels
The immediate resistance is located at 0.6733 levels, above which the pair could target 0.6800. On the downside, immediate support is seen at 0.6650 (June 2010 levels), followed by support at the psychological level of 0.6600.