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1 Apr 2015
NZD/USD steadies near 0.7475
FXStreet (Mumbai) - NZD/USD defends mild gains in mid-Asian session, snapping its five-day run of losses, as traders cheer NZ house-price growth coupled with upbeat Chinese PMI reading.
NZD/USD supported above 50-DMA
Currently, the NZD/USD pair trades at 0.7478, up 0.10%, having failed to breach 0.75 handle. NZD/USD is seen swinging between gains and losses this session, despite broad based US dollar weakness as better than expected NZ house prices and Chinese manufacturing PMI data fails to provide further impetus to the Kiwi.
House prices in New Zealand rose 7.7% year-on-year in March, accelerating from 6.4% in February. While the Chinese Manufacturing Purchasing Managers' Index (PMI) rose to 50.1 in March from 49.9 in February, expanding for the first time in three months in March.
Moreover, NZD/USD also mirrored gains in the Aussie and remained supported on a mild recovery seen in commodity prices.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7491 (Today’s High) levels and above which it could extend gains to 0.7516 (5-DMA) levels. To the downside immediate support might be located at 0.7467 (50-DMA) levels below that at 0.7420 levels.
NZD/USD supported above 50-DMA
Currently, the NZD/USD pair trades at 0.7478, up 0.10%, having failed to breach 0.75 handle. NZD/USD is seen swinging between gains and losses this session, despite broad based US dollar weakness as better than expected NZ house prices and Chinese manufacturing PMI data fails to provide further impetus to the Kiwi.
House prices in New Zealand rose 7.7% year-on-year in March, accelerating from 6.4% in February. While the Chinese Manufacturing Purchasing Managers' Index (PMI) rose to 50.1 in March from 49.9 in February, expanding for the first time in three months in March.
Moreover, NZD/USD also mirrored gains in the Aussie and remained supported on a mild recovery seen in commodity prices.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7491 (Today’s High) levels and above which it could extend gains to 0.7516 (5-DMA) levels. To the downside immediate support might be located at 0.7467 (50-DMA) levels below that at 0.7420 levels.