NZD/USD: Supply Capping Minor-Recovery Near 0.6880
The NZD/USD
pair faced strong selling pressure ahead of 5-DMA, and the prices
stalled its recovery as the US dollar continues to trade higher across
the board.
NZD/USD recovers 50-pips from daily lows
Currently,
the NZD/USD pair slumps 0.77% to 0.6865, fading a spike to 0.6881
session highs. The Kiwi pares losses and tries hard to regain lost
ground tracking the ongoing recovery in the oil prices. However, the
recovery remains fragile amid broad based US dollar strength heading
into the US CPI report.
Earlier in the Asian session, the bird
fell over 1% after the RBNZ confirmed that the surprise rate cut
announced in March was leaked by the journalists. Focus now shifts
towards the US CPI and jobless claims data, while China data deluge due
out on Friday will be also closely eyed.
NZD/USD Levels to consider
To
the upside, the next resistance is located at 0.6900/06 (round number/
1h 50-SMA), above which it could extend gains to 0.6944/50 (daily R1).
To the downside immediate support might be located at 0.6839/24 (1h
200-SMA/ daily low) and from there to 0.6800 (round number).
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