NZD/USD stages solid rebound from above 100-DMA

By FXStreet The overnight recovery in NZD/USD from seven-month lows gained further traction in the Asian session, as risk sentiment recovers after oil prices stabilize in the positive territory.

NZD/USD finds support ahead of 100-DMA

Currently, the NZD/USD pair trades 0.33% higher at 0.6765, retreating swiftly from fresh session highs reached at 0.6771 some minutes ago. The Kiwi is benefiting from a minor-recovery seen in the oil prices and the Asian equities, helping lift demand for higher-yielding currencies.

Moreover, the latest data from New Zealand showed the number of migrants arriving permanently in the country reached a new high, which will help cool down house prices, and therefore, offering some respite to the RBNZ in its efforts to curb the overheated housing market, particularly in Auckland. 5,500 migrants shifted to New Zealand, while visitor arrivals numbered 256,700, a new record for April.

Amid a data-quiet Asian session ahead, focus now shifts towards the US existing home sales and Fed speak due later in the NY session.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.6774/80 (5 & 10-DMA), above which it could extend gains to 0.6800 (round number). To the downside immediate support might be located at 0. 6736/28 (daily low/ …read more

Source:: FX Street