Slower GDP growth than previously expected, with 3 descending quarters in a row, last at +0.2% when consensus expectation was for a +0.4% increased, is weighing on the pair. Some analysts now are calling for a rate hike from RBNZ later than anticipated, probably by Dec next year meeting, instead of Sept, market sources say. Yesterday's last Fonterra auction had a positive result, though milk powder, most traded product by size, fell for fourth time in a row. Kiwi keeps being weakest currency among majors in last 2 days, and second one behind Yen in last week.
Immediate support to he downside for NZD/USD lies at recent Thursday's and week lows 0.8317, followed by Nov 07 highs at 0.8309, and Oct 05/Nov 29 highs at 0.8266/7. To the upside, closest resistance shows at yesterday's high 0.8367, followed by past Friday's lows at 0.8393, and Monday's lows at 0.8424.