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10 Dec 2014
Kiwi strengthens versus Euro, eyes RBNZ Meeting
FXStreet (Mumbai) - The New Zealand dollar gained against the single currency as the kiwi strengthened against the US dollar, ahead of Reserve Bank of New Zealand (RBNZ) meeting.
At time of writing, the Kiwi trades higher by 0.42% at 1.6048 levels against the Euro. The New Zealand dollar shrugged off Fonterra’s downgrade price forecast and a weak Chinese inflation number today, as traders shifted their focus to the Reserve Bank of New Zealand (RBNZ) Monetary Policy meeting for further moves in the currency.
Moreover, the NZD/USD pair gathered upside momentum and traded firmly at 0.7712, up +0.46% on the day which is also likely to weigh on EUR/NZD.
EUR/NZD Levels to consider
The pair has an immediate resistance at 1.6073 (5-day SMA) levels, above which gains could be extended to 1.6128 (Oct 31 High) levels. On the flip side, support is seen at 1.6020 (100-day SMA), below which it could extend losses to 1.5946 (200-day SMA) levels.
At time of writing, the Kiwi trades higher by 0.42% at 1.6048 levels against the Euro. The New Zealand dollar shrugged off Fonterra’s downgrade price forecast and a weak Chinese inflation number today, as traders shifted their focus to the Reserve Bank of New Zealand (RBNZ) Monetary Policy meeting for further moves in the currency.
Moreover, the NZD/USD pair gathered upside momentum and traded firmly at 0.7712, up +0.46% on the day which is also likely to weigh on EUR/NZD.
EUR/NZD Levels to consider
The pair has an immediate resistance at 1.6073 (5-day SMA) levels, above which gains could be extended to 1.6128 (Oct 31 High) levels. On the flip side, support is seen at 1.6020 (100-day SMA), below which it could extend losses to 1.5946 (200-day SMA) levels.