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28 Aug 2015
NZD/USD: Bulls enjoying higher commodity prices
FXStreet (Mumbai) - The commodity-backed currency continues to outperform in Asia as commodity prices rebounded overnight, lifting NZD/USD closer towards 0.65 handle.
NZD/USD rejected at 0.6505
Currently, the NZD/USD pair trades +0.15% at 0.6482, attempting another bounce to regain 0.65 handle. The New Zealand dollar extends gains versus the US dollar for the second straight session on Friday as the Kiwi bulls seem to be rejoicing the overnight recovery in oil and gold prices.
Brent crude surged more than 9% overnight to above $47 per barrel, up from $43 per barrel on Wednesday. WTI futures rose from $39 per barrel to almost $43. While gold prices appear to gain ground around $ 1130 recovering from close to $ 1120 levels.
Adding to the upside in the Kiwi, the US dollar has retreated in Asia against its major peers after the recent three back-to-back sessions of gains, driven by a series of better than expectations US fundamentals.
Looking ahead, a batch of US data lined up for release later tonight may further direct USD moves, eventually impacting the Kiwi pair.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6517 (Aug 26 High) levels and above which it could extend gains 0.6586 (Aug 17 High) levels. To the downside immediate support might be located at 0.6429 (Aug 27 Low) below that at 0.6400.
NZD/USD rejected at 0.6505
Currently, the NZD/USD pair trades +0.15% at 0.6482, attempting another bounce to regain 0.65 handle. The New Zealand dollar extends gains versus the US dollar for the second straight session on Friday as the Kiwi bulls seem to be rejoicing the overnight recovery in oil and gold prices.
Brent crude surged more than 9% overnight to above $47 per barrel, up from $43 per barrel on Wednesday. WTI futures rose from $39 per barrel to almost $43. While gold prices appear to gain ground around $ 1130 recovering from close to $ 1120 levels.
Adding to the upside in the Kiwi, the US dollar has retreated in Asia against its major peers after the recent three back-to-back sessions of gains, driven by a series of better than expectations US fundamentals.
Looking ahead, a batch of US data lined up for release later tonight may further direct USD moves, eventually impacting the Kiwi pair.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6517 (Aug 26 High) levels and above which it could extend gains 0.6586 (Aug 17 High) levels. To the downside immediate support might be located at 0.6429 (Aug 27 Low) below that at 0.6400.