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NZDUSD Retreats from Monthly Highs

NZDUSD Retreats from Monthly Highs
NZDUSD Retreats from Monthly Highs

NZDUSD trading 0.30% higher at 0.6431 as the pair consolidates at monthly highs after registering an impressive rebound from 4-year lows at 0.6268. Kiwi is pressured today by dismal macro data as the New Zealand Westpac Consumer Survey came in at 103.1 below expectations of 104 in 3Q.

NZDUSD trades lower for fifth consecutive session as the recent rebound from 4-year lows stopped at 0.6440 zone where bulls run out of steam. On the upside, immediate resistance stands 0.6348 today’s high, and then at 0,6391 yesterday’s high. On the downside, immediate support stands at 0.6323 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; NZDUSD short term outlook is bearish now, despite the recent rebound and a visit down to 2015 lows looks possible.