NZD/USD: Bulls tighten grip, in another run towards 0.7400?

By FXStreet FXStreet (Mumbai) – NZD/USD keeps its upbeat momentum intact during the mid-Asian session, although extends its overnight side-trend as markets continue to digest the recent the Fonterra’s GDT price index released on Tuesday.

NZD/USD supported at 0.6320

Currently, the NZD/USD pair trades 0.37% higher at 0.6355, hovering close to session highs reached at 0.6358 in last hours. The New Zealand dollar stages a modest rebound against its American rival as the Fonterra’s dairy auction results continue to lift the sentiment around the Kiwi.

The Global Dairy Trade (GDT) Price index posted a sharp 10.9% gain early on Wednesday in New Zealand when compared with the previous price at Fonterra’s auction early on August 18.

Moreover, risk sentiment seems to seep into the markets raising the demand for risk currencies such as NZD, AUD, and USD etc. While NZD traders remained unaffected by a miss on Australia’s GDP figures and extended China stocks sell-off.

Looking ahead, markets now await the upcoming US macro data including the crucial ADP employment change, the forerunner for Friday’s non-farm payrolls data, for further momentum on the pair.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.6400 levels and above which it could extend gains …read more

Source:: FX Street