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29 Dec 2014
NZD/USD trades at 10-day highs
FXStreet (Mumbai) - The New Zealand dollar rallied against the US dollar today following the uptrend seen in its Australian counterpart after the People's Bank of China (PBoC) redefined its loan-to-deposit ratios calculation to boost lending.
The NZD/USD pair trades now at day’s high levels of 0.7799, up 0.34% on the day. The New Zealand dollar advanced against the greenback on news that the Chinese central bank will implement a change in rules according to which loan-to-deposit ratios are calculated at banks starting from 2015. The new measure is expected to boost lending and consequently bolster economic growth and investors’ sentiments in China. New Zealand is highly dependent on China for its exports.
NZD/USD Technical Levels
The pair has an immediate resistance at 0.7804 (Dec 17 High) levels, above which gains could be extended to 0.7851 (Dec 16 High) levels. On the flip side, support is seen at 0.7744 (20-DMA) levels, below which it could extend losses to 0.7695 (Dec 5 Low) levels.
The NZD/USD pair trades now at day’s high levels of 0.7799, up 0.34% on the day. The New Zealand dollar advanced against the greenback on news that the Chinese central bank will implement a change in rules according to which loan-to-deposit ratios are calculated at banks starting from 2015. The new measure is expected to boost lending and consequently bolster economic growth and investors’ sentiments in China. New Zealand is highly dependent on China for its exports.
NZD/USD Technical Levels
The pair has an immediate resistance at 0.7804 (Dec 17 High) levels, above which gains could be extended to 0.7851 (Dec 16 High) levels. On the flip side, support is seen at 0.7744 (20-DMA) levels, below which it could extend losses to 0.7695 (Dec 5 Low) levels.