NZD/USD Drops Further Below 0.6700
A stronger US dollar in the currency market pushed NZD/USD
further to the downside during the American session. The pair broke
below 0.6800 and dropped to 0.6755, hitting the lowest level in three
days.
Price remains near the lows, trading at 0.6760, down 0.85% for the day
and headed toward a weekly loss of around 70 pips. Greenback continues
with momentum in the market supported by US economic data (upbeat retail
sales and consumer confidence numbers).
NZD/USD back to the 55-WMA
The rally of the kiwi that started back in February found resistance at
0.7050 and from there it started to retreat, unable to hold above
0.7000. On Tuesday, it reached 0.6715 (6-week low) before bouncing to
the upside.
The 20 and 55-week moving average are close to each other, near the
0.6720 area. A weekly close significantly below could point toward a
potential temporal peak at 0.7050, signaling further weakness ahead for
the kiwi and reducing the odds of a moving average cross.
