NZD/USD falls into 0.7150 as the Kiwi gives up ground to the Greenback

A weakened Kiwi gives up even further ground as the US Dollar recovery extends its reach.
No more NZD data on the calendar until Thursday.

Joshua Gibson FXStreet

The NZD/USD is trading near 0.7150 heading into the Tokyo trading session after losing ground steadily through Monday's trading.

The Kiwi stooped against the USD as the Greenback rallied across the broader market, and the US Dollar recovery that began near the end of last week is continuing against an already-weak NZD, which has closed lower against the USD for five consecutive trading days.

The mid-week is clear of data for the Kiwi, with Tuesday free of scheduled economic releases and Wednesday marked by the Anzac Remembrance Day for Australia and New Zealand.

NZD/USD Levels to watch

With the Kiwi testing into four-month lows, the NZD/USD pair has broken to the low side of the rough channel that has trapped action for most of 2018's action thus far, and an extended decline is likely to pull back for a test of the lower boundary near 0.7185, while a retracement will face resistance at the 50.0 Fibo level near 0.7270.

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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