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14 Jan 2015
NZD/USD selling intensifies on copper crash
FXStreet (Mumbai) - The New Zealand dollar fell to fresh one-week lows against the US counterpart in the Asian morning, as the Kiwi came under pressure as copper prices crashed to fresh 5-1/2 year lows.
Currently, the NZD/USD traded at 0.7702 levels, down -0.47% on the day, having posted fresh one-week low at 0.7696 levels few minutes ago, failing to hold the 0.77 barrier. The NZD/USD pair extended losses after oil prices continued to sink along with several other heavily-traded commodities. Copper dived 4% to USD 2.49 per pound, while silver traded down more than 1%. Oil futures are also down about 1%, at time of writing.
The pair came under additional pressure after the World Bank forecast lower global economic growth for 2015 of 3%, compared with the previous forecast of 3.3%.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7750 (Today’s High) and above which it could extend gains to 0.7781 (50-DMA) levels. To the downside, immediate support might be located at 0.7679 (Jan 6 Low) levels and below that at 0.7653 (Jan 4 Low) levels.
Currently, the NZD/USD traded at 0.7702 levels, down -0.47% on the day, having posted fresh one-week low at 0.7696 levels few minutes ago, failing to hold the 0.77 barrier. The NZD/USD pair extended losses after oil prices continued to sink along with several other heavily-traded commodities. Copper dived 4% to USD 2.49 per pound, while silver traded down more than 1%. Oil futures are also down about 1%, at time of writing.
The pair came under additional pressure after the World Bank forecast lower global economic growth for 2015 of 3%, compared with the previous forecast of 3.3%.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7750 (Today’s High) and above which it could extend gains to 0.7781 (50-DMA) levels. To the downside, immediate support might be located at 0.7679 (Jan 6 Low) levels and below that at 0.7653 (Jan 4 Low) levels.