Topic: COZfx: NZD/USD gains limited
COZforex: The New Zealand dollar edged higher against its US counterpart on Monday, but gains were expected to remain limited as demand for the greenback continued to be broadly supported.
NZD/USD hit 0.7911 amid late Asian trade, the session high; the pair subsequently consolidated at 0.7898, adding 0.20%. In technical analysis, COZforex senior currency strategist Ian • Quigley said, NZD/USD was likely to find support at 0.7805, the low of November 20 and resistance at 0.7906, the high of November 18.
Demand for the greenback continued to be underpinned after the minutes of the Federal Reserve's October meeting indicated last week that officials believe the economic recovery is strong enough to withstand external threats to growth, but offered little additional clarity about when rates could start to rise.
The Fed wound up its asset purchasing stimulus program last month and is expected to start raising rates around September 2015.
(COZ forex UK)