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16 Dec 2014
Gains in NZD/USD capped at 10-DMA
FXStreet (Mumbai) - The Kiwi gained against the Greenback today, although a weak china data made sure the gains were capped around the 10-DMA located at 0.7747 levels.
The NZD/USD pair currently trades 0.3% higher at 0.7746 levels. The New Zealand dollar recovered from the low of 0.7720, although risk aversion and weak China data halted the gains. The preliminary Chinese PMI manufacturing data swung into contraction territory at 49.5 this month. Meanwhile, investors are also cautious ahead of the Wednesday’s Federal Reserve policy statement which may show a change in the Fed’s language with regards to the interest rates.
The pair will also take cues from the US building Permits and Housing Starts report. New Zealand will also publish the data on its current account.
NZD/USD Technical Levels
The pair has an immediate resistance at 0.7747 (10-DMA), above which gains could be extended to 0.7775 (5-DMA). Meanwhile, a break below support at 0.77, shall open doors for 0.7661 levels on the downside.
The NZD/USD pair currently trades 0.3% higher at 0.7746 levels. The New Zealand dollar recovered from the low of 0.7720, although risk aversion and weak China data halted the gains. The preliminary Chinese PMI manufacturing data swung into contraction territory at 49.5 this month. Meanwhile, investors are also cautious ahead of the Wednesday’s Federal Reserve policy statement which may show a change in the Fed’s language with regards to the interest rates.
The pair will also take cues from the US building Permits and Housing Starts report. New Zealand will also publish the data on its current account.
NZD/USD Technical Levels
The pair has an immediate resistance at 0.7747 (10-DMA), above which gains could be extended to 0.7775 (5-DMA). Meanwhile, a break below support at 0.77, shall open doors for 0.7661 levels on the downside.