NZDUSD Negative Momentum Accelerates, Targets 0.65

NZDUSD gives up 0.44 percent at 0.6523 at fresh three week lows amid USD strength across the board. New Zealand’s ANZ-Roy Morgan Consumer Confidence lost 6 points in July to 116, keeping the index below the historical average. Earlier this week the New Zealand ANZ Business Confidence came in at -44.3 below expectations of-34.9 in July. A report that the RBNZ is starting to explore more unconventional policy pushed also the kiwi lower.

On technical side the pair is bearish and has registered eleven consecutive days of losses. The steep descending trend line drives the pair and now looks for support at 0.65 round figure and then at 0.6489 the low from June 18th. On the upside immediate resistance stands at 0.6560 the 50 hour moving average and if the pair manages to close above it might continue with an attempt to 0.6624 the 50 day moving average and then at 0.6656 the 100 day moving average.Don’t miss a beat! Follow us on Twitter.