NZD/USD off highs near 0.76

FXStreet (Mumbai) - The New Zealand dollar trims gains versus its American counterpart in the mid-Asian session, taking NZD/USD closer towards 0.76 handle, as the US dollar tries to recover lost ground against its major peers following the recent series of weak US macro data released last week.

NZD/USD retreats from 0.7628 highs

Currently, the NZD/USD pair trades higher by 0.13% at 0.7605, retesting 0.76 barrier. NZD/USD erased partial gains, although remains elevated, as the US dollar manages fight its way back across the board after Friday’s dismal US durable goods orders data sent the USD bulls on the back seat, pushing NZD/USD higher.

Moreover, markets remain cautious ahead of Fed meeting on Wednesday and RBNZ Rate Statement due on Friday which may have major impacts on the Kiwi.

In the day ahead, the pair is likely to be influenced by US dollar moves in absence of significant US economic releases.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7647 (10-DMA) levels and above which it could extend gains to 0.7680 levels. To the downside immediate support might be located at 0.7582 (Today’s Low) levels below that at 0.7513 (April 6 Low) levels.