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NZD/USD Rose to 0.7600 from 0.7540 in Europe

Posted by Chris Advincula on Mar 4, 2015 8:14:00 AM

describe the imageChart: WorldWideMarkets Alpha Trader

New Zealand Dollar made extended gains in Europe to test 0.7600 from the intraday support of 0.7540. The New Zealand dollar rose in tandem with the Australian Dollar which was well bid after the better than expected year-on-year 4th QTR Australian GDP data of 2.5% from 2.4%.

The Kiwi Dollar also gained ground against the Australian Dollar cross rate. AUD/NZD fell frp, 1.0355 to 1.0320 in European trading.

The Reserve Bank of New Zealand meets next week. Analysts expect the central bank to keep their Cash Rate unchanged at 3.50%.

Fibonacci near term: 0.7580 (38.2%), 0.7575 (50.0%), 0.7568 (61.8%)

Support: 0.7540, 0.7530, 0.7510, 0.7500

Resistance: 0.7610, 0.7618, 0.7625, 0.7650

 

Topics: forex trading, European Session, technical analysis, Fundamental Analysis, New Zealand dollar, NZDUSD

 

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