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NZD/USD attempting gains above 0.67

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Bid tone around Kiwi remains intact amid holiday thinned trading in Europe, with NZD/USD looking to extend gains above 0.67 handle.

    Eyes US data

    The pair awaits US Q4 final GDP release, which risks being a non-event for the markets, unless it carries significant upward/revision in the GDP and/or core personal consumption expenditure (core pce).

    Four-day losing streak in Kiwi came to a halt yesterday after the data in the New Zealand showed a bigger trade surplus than expected in February, as exports were bolstered by a $267 million drilling platform.

    NZD/USD Technical Levels

    The spot currently trades around 0.7603 with immediate hurdle at 0.67223 (10-DMA), above which the pair may have a re-look at 0.68 handle. On the other hand, a breakdown of 0.6671 (previous day’s low) would expose 0.6636 (100-DMA + 50-DMA).
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