NZD/USD dips in quiet Friday trading, back to 0.7400

NZD/USD dips on thin markets but gets faded quickly.
Positive NZ PMI's had little impact in Asia markets.

Joshua Gibson FXStreet

NZD/USD dipped slightly during Asia trading despite positive business PMI figures for NZ. With market volumes thinning, the pair is currently near 0.7400 following a brief correction on the dip.

The Kiwi is shaping up to be the loser of the antipodeans, with traders preferring to hold Aussie and Yen over the diminuitive New Zealand currency.

Business PMI figures for January came in at 55.6, showing an improvement over the previous period's 51.2, but with growth already being priced into markets, traders are choosing to shop around the Asian market session.

NZD/USD Technicals

Support/resistance for the intraday session is currently priced at yesterday's high/low of 0.7411 and 0.7368 respectively, while long-term charts reflect the recent Dollar weakness seen in the broad market, with Daily candles trading closer to the rece.nt swing high of 0.7436; a close above this level will have NZD/USD testing 2017's high point at 0.7557.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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