NZDUSD Heads to Yearly Lows
NZDUSD Kiwi heads to yearly lows, now trading 0.37% lower at 0.6277 as the pair resumes the downward trend cancelling the recent rebound from 4-year lows at 0.6268. Kiwi pressured by consecutive dismal macro data and increasing bets for interest rate cuts by RBNZ. Analysts expect Reserve Bank of New Zealand to keep interest rates unchanged in its policy meeting next week, but looking for 75 basis points cut by the end of May next year.
Kiwi short term outlook is bearish now, as it makes lower lows and lower highs, and a visit down to 2015 lows now look possible. On the downside, immediate support stands at 0.6275 daily low and then at the important support levels from 2015; first support stands at 0.6259 the low from August 2015 and then at 0.6235 the lows from September 2015. On the upside, immediate resistance stands 0.6304 today’s high, and then at 0,6361 the high from September 18th.