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Forex - NZD/USD edges higher but upside seen limited

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Investing.com -

Investing.com - The New Zealand dollar edged higher against its U.S. counterpart on Tuesday, but gains were expected to remain limited as demand for the greenback remained broadly supported by hopes for an upcoming U.S. rate hike.

NZD/USD hit 0.6537 during late Asian trade, the session high; the pair subsequently consolidated at 0.6527, easing up 0.09%.

The pair was likely to find support at 0.6463, the low of November 19 and resistance at 0.6596, the high of November 19.

The greenback has remained broadly supported in recent weeks by expectations that the Federal Reserve is on track to raise interest rates next month.

New York Fed President William Dudley said Friday that there is a "strong case" for hiking rates at the central bank's next meeting in December as long as economic data continues to remain solid.

Markets shrugged off a report by the U.S. National Association of Realtors on Monday showing that existing home sales decreased by 3.4% to 5.36 million units last month from 5.55 million in September. Analysts had expected existing home sales to fall 2.3% to 5.40 million units in October.

The kiwi was lower against the Australian dollar, with AUD/NZD adding 0.10% to 1.1040.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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