NZD/USD pares gains as commodity currencies slip

Author: Justin Low | Category: News

The pair is now falling below key resistance levels at the start of the day

NZD/USD is now trading at 0.7103 (briefly hit there, now at 0.7109) - falling below the 50.0 retracement level at 0.7107 that capped gains over the past two trading sessions. Nearby, there's also the 200-day MA sitting at 0.7106 which acts as another line of resistance.

Though the dollar has been weak today, commodity currencies are paring gains as we hit mid-day in European trading. USD/CAD has also pared gains and has moved up to 1.2541 after earlier posting session lows of 1.2520. AUD/USD also gave up some gains as it falls to 0.7827 from highs of 0.7845.

Anyway, the NZD/USD slipped from highs posted earlier in the day of 0.7131. There's still the US session to come in trading later, and the levels pointed out above look like a good place for buyers and sellers to duke it out over the next direction for the pair.

Meanwhile, other major currencies are still holding onto gains against the dollar with only the commodity bloc losing ground.

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