25 Aug 2015
NZD/USD stalls its recovery near 0.6540
FXStreet (Mumbai) - NZD/USD manages to recover from the ‘black Monday’ slump and trades around 0.65 handle in the late Asian session, as markets unwind their NZD shorts tracking a bounce in the oil prices on Tuesday.
NZD/USD retraces from 0.6541 highs
Currently, the NZD/USD pair trades 0.31% at 0.6500, easing-off highs at 0.6541. The NZD/USD struggles to extend gains further as the rebound in the Kiwi is seen as a profit-taking rally as focus shifts back to the persisting sell-off in the Chinese stocks. However, the downside remains cushioned on rebounding oil and metals prices.
Markets were in a state of chaos on Monday after Chinese equity markets sank some 8%, raising concerns about the financial and economic stability of the world's second-largest economy, and causing investors to abandon risky assets, including the kiwi.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6541 (Today’s High) levels and above which it could extend gains 0.6586 (Aug 17 High) levels. To the downside immediate support might be located at 0.6452 (Today’s Low) below that at 0.6400.
NZD/USD retraces from 0.6541 highs
Currently, the NZD/USD pair trades 0.31% at 0.6500, easing-off highs at 0.6541. The NZD/USD struggles to extend gains further as the rebound in the Kiwi is seen as a profit-taking rally as focus shifts back to the persisting sell-off in the Chinese stocks. However, the downside remains cushioned on rebounding oil and metals prices.
Markets were in a state of chaos on Monday after Chinese equity markets sank some 8%, raising concerns about the financial and economic stability of the world's second-largest economy, and causing investors to abandon risky assets, including the kiwi.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6541 (Today’s High) levels and above which it could extend gains 0.6586 (Aug 17 High) levels. To the downside immediate support might be located at 0.6452 (Today’s Low) below that at 0.6400.