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NZD/USD bounces-off highs near 0.7620

FXStreet (Mumbai) - The New Zealand dollar extends bullish momentum versus its American counterpart in the European morning, taking NZD/USD closer towards 0.7650 levels, on broad US dollar weaknesses following the recent series of weak US macro data released last week.

NZD/USD rises from 0.7605

Currently, the NZD/USD pair trades higher by 0.26% at 0.7614, retracing from fresh session highs at 0.7638. NZD/USD halted its rally as the US dollar fought its way back and edged higher across the board after Friday’s dismal US durable goods orders data sent the USD bulls on the back seat.

Moreover, markets remain cautious ahead of Fed meeting on Wednesday and RBNZ Rate Statement due on Friday which may have major impacts on the Kiwi.

In the day ahead, the pair is likely to be influenced by US dollar moves in absence of significant US economic releases.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7647 (10-DMA) levels and above which it could extend gains to 0.7680 levels. To the downside immediate support might be located at 0.7582 (Today’s Low) levels below that at 0.7513 (April 6 Low) levels.

Crude oil net bullish positions rose sharply

The data released by the Commodity Futures Trading Commission (CFTC) showed speculators continued to push their overall bullish bets sharply in WTI crude oil futures last week for a fourth consecutive week.
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US durable goods not wholly bad – ING

Rob Carnell of ING, reviews the US durable goods order data release, and further notes that the results were mixed and won’t affect Fed’s outlook towards hike as April and beyond will be the key months for the data-dependent Fed.
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