NZDUSD at 3-Week Lows amid USD Strength
NZDUSD gives up 0.12 percent at 0.6553 at three week lows amid USD strength across the board. Yesterday the New Zealand ANZ Business Confidence came in at -44.3 below expectations of-34.9 in July; ANZ Activity Outlook registered at 5%, below expectations of 8.3% in July. A report that the RBNZ is starting to explore more unconventional policy pushed also the kiwi lower. The China Caixin Manufacturing PMI came in at 49.9, topping expectations of 49.6 in July giving support to kiwi.
On technical side the pair is bearish and has registered nine consecutive days of losses. The intraday momentum gives a breath for the bulls as it managed to rebound from daily lows after better Chinese PMI data. Support for the pair stands at 0.6533 area today’s low and then at 0.6489 the low from June 18th. On the upside immediate resistance stands at 0.6624 the 50 day moving average and if the pair manages to close above it might continue with an attempt to 0.6660 the 100 hour moving average and then at 0.6836 the high from April 1st.Don’t miss a beat! Follow us on Twitter.