NZD/USD grinding lower in Asia, testing 0.7250

Kiwi on pace to tumble for a third straight day in risk-off trading.
A lack of actionable macro figures for Friday leaves markets at the whim of risk sentiment.

Joshua Gibson FXStreet

The NZD/USD is drifting lower heading into the European market session, testing the waters around 0.7250 as of writing. Tumultuous markets are being driven by risk aversion this week, and risk assets are being pushed lower to top off the trading week.

Threats of impending trade wars spurred on by Trump's tariffs, and further risk aversion from Trump's revolving-door of White House administrative staff is seeing a notable lack of risk appetite in the markets. Asia sees risk appetite take a curve as well, as the Japanese government becomes further embroiled in a government land sale scandal. With little macro data on the calendar for Friday, it's looking like market sentiment will be leading risk assets like the Kiwi by the nose to wrap up the week's trading.

NZD/USD Technicals

March has been a sideways month for the pair on Daily candles, but any moves further to the downside will see a confluence of support from recent swing lows as well as the 200-day SMA at 0.7185. The H4 charts has the pair failing to sustain higher lows this week, and resistance is priced in at the swing highs at 0.7310 and 0.7355 respectively, while nearby support is thinning but still holding as of now near 0.7250.

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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