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9 Jan 2015
NZD/USD rises above 0.78
FXStreet (Mumbai) - The Kiwi extended gains against the US dollar for the fifth consecutive session, taking the NZD/USD pair well above 0.78 levels for the first time this year.
The NZD/USD pair currently trades higher at 0.7826 levels, compared to the previous session’s close at 0.7813 levels. The pair has been on a winning streak since the Global Diary Trade auction earlier this week highlighted a possibility of increase in milk prices due to supply shortage. The pair managed to rise above the 50-DMA located at 0.7787 yesterday, although it appears exhausted near the 100-DMA located at 0.7834 levels today. Moreover, the success of failure to break above 100-DMA now depends on the US December month Non-farm payrolls data due for release today.
NZD/USD Technical Levels
The immediate resistance is located at 0.7834 (100-DMA), above which gains could be extended to 0.7869 (Dec. 11 high). Meanwhile, support is seen at 0.7787 (50-DMA) and 0.7761 (10-DMA) levels.
The NZD/USD pair currently trades higher at 0.7826 levels, compared to the previous session’s close at 0.7813 levels. The pair has been on a winning streak since the Global Diary Trade auction earlier this week highlighted a possibility of increase in milk prices due to supply shortage. The pair managed to rise above the 50-DMA located at 0.7787 yesterday, although it appears exhausted near the 100-DMA located at 0.7834 levels today. Moreover, the success of failure to break above 100-DMA now depends on the US December month Non-farm payrolls data due for release today.
NZD/USD Technical Levels
The immediate resistance is located at 0.7834 (100-DMA), above which gains could be extended to 0.7869 (Dec. 11 high). Meanwhile, support is seen at 0.7787 (50-DMA) and 0.7761 (10-DMA) levels.