NZD/USD Struggles to Extend Above 0.70, Lower Oil Weighs
Having peaked at 0.7020 in early Asia, the NZD/USD pair drifted lower as we head into early Europe, and now struggles to rise back above 0.70 barrier.
NZD/USD: making higher tops on daily charts
Currently,
the NZD/USD pair trades 0.27% higher at 0.6995, retreating slightly
from session lows struck at 0.6976. The Kiwi trims gains and
consolidates just below 0.70 handle waiting fresh cues from the
sentiment on the European markets, especially after poor risk tone seen
in the Asian session.
Further, the struggle with 0.70 barrier
extends as the resource-linked NZD remains negatively affected by lower
oil prices after OPEC increased crude output last month. Markets now
shift their focus towards the upcoming US data ahead of the Chinese
Caixin manufacturing PMI and GDT price index releases due tomorrow.
NZD/USD Levels to consider
To
the upside, the next resistance is located at 0.7020 (8-day high),
above which it could extend gains to 0.7052/56 (Apr 19 & 20 High).
To the downside immediate support might be located at 0.6954/50 (5-DMA/
psychological levels) and from there to 0.6909/00 (20-DMA/ round
number).
