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NZD/USD leads commodity-currencies higher, up 1%

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The solid performance on Asian and European indices and metals prices boosted the risk-sentiment and drove the commodity-currencies higher across the board, with the Kiwi leading the pack.

    NZD/USD sits at fresh 4-month highs

    Currently, the NZD/USD pair trades 1.09% higher at 0.6865, having faced rejection just shy of 0.69 barrier. The Kiwi is now seen consolidating to the upside in the 0.6860-0.6890 range over the past few hours, after clinching fresh four-month highs at 0.6896 in early European trades.

    The NZD/USD pair holds near new multi-month tops as the recent upbeat domestic fundamentals continue to lift the sentiment around the bird. Earlier today, the pair found renewed support after NZ business confidence improved this month. The ANZ Consumer Confidence Index rose 3.7% in October to 114.9 points from 110.8 in September.

    On Wednesday, the Kiwi was boosted following the reports that S&P upwardly revised New Zealand’s dairy giant Fonterra’s outlook to ‘stable’ from credit watch ‘negative.’ While rising dairy prices as seen at the last four Global Dairy Trade (GDT) auctions also keep the Antipodean buoyed. Looking ahead, markets await the economic news from the US for further momentum.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6897/6900 (Daily highs & round number), above which it could extend gains to 0.6979 (200-DMA) levels. To the downside immediate support might be located at 0.6849 (hourly 10-SMA) below that 0.6805 (Daily lows).
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