NZD/USD stages a solid come-back beyond 0.6300

By FXStreet FXStreet (Mumbai) – The NZD/USD pair stood resilient to the risk-off flows and emerged the best performer amongst the commodity-currencies during the European session.

NZD/USD holding firmly above 0.63 barrier

Currently, the NZD/USD pair trades 0.36% higher at 0.6351, having posted fresh session highs at 0.6357. The Kiwi found fresh bids near 0.6300 levels and now pushes higher as the sentiment towards riskier currencies improved on the back of minor recovery seen in the European stock markets.

Moreover, rebounding oil prices and steadying copper prices also lent support to the resource-linked kiwi.

Meanwhile, markets now eye US data due later today ahead of China’s manufacturing PMI and NZ business confidence numbers to be reported later this week.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.6400 levels and above which it could extend gains to 0.6436 (Sept 9 High) levels. To the downside immediate support might be located at 0.6290 (Today’s Low) below that 0.6259 (Sept 24 Low).
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Source:: FX Street