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NZD/USD reaches 5-day Low on falling commodities prices
FXStreet (Mumbai) - The New Zealand dollar reversed previous gains and dived against the US counterpart in the mid-European session, as sliding commodities prices failed to provide respite to the Kiwi.
Currently, the NZD/USD traded at 0.7741 levels, down -0.54% on the day, having registered fresh five-day low at 0.7736 levels few minutes ago. The NZD/USD pair edged lower as the US dollar strengthened across the board. Moreover, falling industrial commodities like oil and copper prices also helped pushed the commodity currency lower.
Further, decline in Chinese imports in December also contributed to the downside in the New Zealand dollar as China is the Kiwi nation’s top export destination.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7785 (50-DMA) and above which it could extend gains to 0.7806 (5-DMA) levels. To the downside, immediate support might be located at 0.7730 levels and below that at 0.77 levels.
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