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Forex: NZD/USD capped by yesterday’s high at 0.8576

FXstreet.com (Barcelona) - The NZD/USD showed signs of downside pressure very early in the day, with a drop to 0.8542 low, but then the cross climbed the chart throughout the Asian session and ahead of the European opening to reach as high as 0.8573, only to plunge back to its lows in a matter of 30 minutes. As of writing, the NZD/USD is quoting around 0.8562. Overall, the market is trading stronger since April 21, as support at 0.8400 holds.

New Zealand Building permits slid by –9.1% in March, defying market consensus for another small rise, but prior months were revised upwards. In Q1, permits rose +3.5% (QoQ) after a similar rise in Q4, while ex-apartment permits grew +9.3% in Q1. New Zealand business confidence and activity edged lower to 32.3 and 30.3 respectively. Inflation expectations are steady at 2.3%.

The NZD/USD is trading at April-25 high, 0.8562, and has the upside capped by yesterday’s high of 0.8576. Above, only a move above 0.8600 would allow a retest of April-11 high at 0.8676. On the downside, below 0.8545, the psychological level at 0.8500 could hold the market against a return to 0.8400.

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