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NZD/USD attempts recovery from GDP-led drop, near 0.6360

FXStreet (Mumbai) - NZD/USD recovers partial losses and extends its tepid recovery into the mid-Asian session, after the Kiwi fell to 0.6330 levels on the back of poor NZ Q2 GDP figures.

NZD/USD keeps the red, despite weaker USD

Currently, the NZD/USD pair trades -0.17% lower at 0.6356, recovering fresh session lows of 0.6330. The Kiwi brought an end to the two back-to-back sessions of gains and slipped into the red zone after New Zealand’s economic growth data for the June quarter missed expectations. The NZ GDP expanded 0.4% in the June quarter, missing the expected growth rate of 0.6%.

However, the losses in NZD/USD remain cushioned on the back a broadly lower US dollar, as markets continue to digest the weak US inflation numbers, awaiting the outcome from the conclusion of the Fed’s 2-day gathering later tonight.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.6384 (Sept 16 High) levels and above which it could extend gains to 0.6400 (Sept 10 High) levels. To the downside immediate support might be located at 0.6330 (Today’s Low) below that 0.6268 (Sept 4 Low).

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