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18 Apr 2013
Forex: NZD/USD holding stronger than the rest; above 0.8430
FXstreet.com (Barcelona) - NZD/USD is currently at 0.8445 asks, off recent daily lows at 0.8427, barely unchanged in last 2 trading days, retracing from yesterday's highs at 0.8509. The Kiwi is the strongest currency among majors, mostly helped on strong milk prices, as New Zealand is one of biggest world producers of it.
The pair is down -1.64% for the week so far, currently holding on around current ascending trend line coming from March 14 double low at 0.8161, following the momentary break down Monday after the Boston bombing attacks. The NZD has printed a fresh 2-month high against AUD at 1.2175 as copper and milk prices have polarized, analysts say. Later on China housing data will be closely watch by market participants.
Immediate support to the downside for NZD/USD lies at Feb 25 highs 0.8417, followed by Monday's lows at 0.8373, and April 04 lows at 0.8359. To the upside, closets resistance shows at Feb 19 highs 0.8489, followed by yesterday's highs at 0.8510, and Friday's highs at 0.8545.
The pair is down -1.64% for the week so far, currently holding on around current ascending trend line coming from March 14 double low at 0.8161, following the momentary break down Monday after the Boston bombing attacks. The NZD has printed a fresh 2-month high against AUD at 1.2175 as copper and milk prices have polarized, analysts say. Later on China housing data will be closely watch by market participants.
Immediate support to the downside for NZD/USD lies at Feb 25 highs 0.8417, followed by Monday's lows at 0.8373, and April 04 lows at 0.8359. To the upside, closets resistance shows at Feb 19 highs 0.8489, followed by yesterday's highs at 0.8510, and Friday's highs at 0.8545.