NZDUSD Continues South, at 2-Week Low

NZDUSD extends its correction slide from 0.6786 the three month high breaching yesterday and the 50 day moving average. New Zealand ANZ Business Confidence came in at -44.3 below expectations of-34.9 in July; ANZ Activity Outlook registered at 5%, below expectations of 8.3% in July. A report that the RBNZ is starting to explore more unconventional policy pushed also the kiwi lower.

On technical side the pair rejected for three consecutive days at three month high around 0.6786 and after that the pair registered eighth consecutive days of losses.  The short term momentum is bearish as the pair trades below all the major moving averages. Support for the pair stands at 0.6586 area today’s low and then at 0.6566 the low from July 10th. On the upside immediate resistance stands at 0.6625 the 50 day moving average and if the pair manages to close above it might continue with an attempt to 0.6663 the 100 hour moving average and then at 0.6836 the high from April 1st.Don’t miss a beat! Follow us on Twitter.