NZD/USD: Weakest in Asia, extends below 0.7300
|The New Zealand dollar has been the worst performer so far this Thursday, now pushing the NZD/USD pair further below 0.73 handle.
NZD/USD heads towards 50-DMA at 0.7259
Currently, the NZD/USD pair drops -0.46% to 0.7279, flirting with fresh four-day lows struck at 0.7276 last hour. The Kiwi extends its bearish momentum into a second-day today, as the bears remain relentless amid broad based US dollar rebound, which remains the underlying key theme in Asia.
Moreover, renewed weakness across the commodities’ space, particularly oil, also dampened the sentiment around the commodity currency. Further, markets continue to weigh RBNZ’s explicit easing bias and hence, take it as an excuse to clear all NZD longs.
In absence of key macro events in the day ahead, focus will remain on the USD dynamics and oil price-action.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7295 (10-DMA), above which it could extend gains to at 0.7312/21 (rou5 & 20-DMA). To the downside immediate support might be located at 0.7259 (50-DMA) and from there to at 0.7231 (Sept 13 low).
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