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Forex: NZD/USD rise stalled by April high at 0.8562

FXstreet.com (Barcelona) - Commodity currencies are benefiting from stronger risk sentiment today and the NZD/USD is the perfect example. The cross breached through the 0.8500 mark and has just printed a high at 0.8560. At the moment of writing, the market is quoting at 0.8550, +0.81% on the day.

For today, the economic calendar will publish the US income and spending report for March, but it should be largely ignored, “as the data would have already been incorporated into Friday’s Q1 GDP report”, wrote TD Securities analyst Annette Beacher, adding that for the March pending home sales, markets are looking for a 1% rebound after some softer housing data recently. After the US session close, New Zealand will have building permits data due at 22.45 GMT, and market consensus suggests improvement from 1.9% to 2.0% in March.

The upside is being stalled by April-25 high at 0.8562. In case it gets breached, the next resistance above the 0.8600 mark is April-11 high at 0.8676. On the downside, supports may be found at 0.8500 psychological level, last week’s close at 0.8448 and the 0.8400 mark.

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