NZD/USD Tested Weekly Lows Near 0.6830 Amid Risk-Off
The bears tightened their grip on the NZD in the European session, knocking-off NZD/USD to near one-week lows amid weaker stocks and oil prices.
NZD/USD drops further towards 50-DMA at 0.6832
Currently,
the NZD/USD pair trades -0.64% lower at 0.6838, having tested 50-DMA
supported in the last hour. The Kiwi extends its bearish run into a
fourth day today as the bulls were completely battered by the persistent
risk-off moods spurred by tumbling oil prices.
Moreover, the
NZD/USD pair failed to benefit from broad based USD weakness and now
remains heavily offered as traders seek for safe-havens amid widespread
cautiousness ahead of the crucial US non-farm payrolls data due later in
the American session.
NZD/USD Levels to consider
To
the upside, the next resistance is located at 0.6900/12 (daily high/
5-DMA), above which it could extend gains to 0.6941/57 (Apr 22 high/
daily R3). To the downside immediate support might be located at 0.6832
(50-DMA) and from there to 0.6800 (round number).
