NZD/USD consolidates weekly losses
|NZD/USD is consolidating below 0.7000, moving in a range, near July lows. The kiwi has fallen across the board during the last five day and is among the worst performers, affected by speculation about a rate-cut from the Reserve Bank of New Zealand. The next rate decision will be on August 11.
The pair is about to post the second weekly decline in a row. Both declines have been significant with more than a hundred pips and it lost June and July gains.
It continues to move with a corrective mode, retreating after hitting July 12 at 0.7323, the highest level since May 2015.
Above strong support
Despite falling below the 0.7000 handle, the key immediate support is the 0.6965/75 area, that since the week of June 14 is capping the downside. That area has been tested in four out of the last six weeks. A break below could add bearish pressure to the pair.
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