Technicals

Add as a preferred source on Google

FxWirePro: Disappointing economic data weighs on Kiwi, NZD/USD pressured lower

Antipodeans were dumped with the New Zealand dollar, the biggest loser, after the NZ treasury downgraded GDP forecasts in the June quarter on softening domestic demand. China's economic slowdown worries also collaborated…

1 min read
EconoTimes — Reading the Times. Understanding the Future.

Antipodeans were dumped with the New Zealand dollar, the biggest loser, after the NZ treasury downgraded GDP forecasts in the June quarter on softening domestic demand.

  • China's economic slowdown worries also collaborated with the falling oil prices, dragging NZD lower
  • A survey showed New Zealand business sentiment dropping to six-year lows in August on the back of tumbling global dairy prices, further blow to the Kiwi
  • The New Zealand dollar is down -0.56% against the USD, trading at 0.6422, day's high was at 0.6466, and lows were at 0.6407
  • The kiwi also fell against AUD and the euro with the trade-weighted index off 0.7 percent at 69.4, its lowest in nearly a month
  • Immediate resistance for NZD/USD is seen at 0.6452 (Daily Tenkan-Sen), while support on the downside is located at 0.6407 (Session lows Aug 31st)
  • Markets cautious as they await the key US NFP report which may influence the Fed decision due in the next two weeks.

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560