NZD/USD holding steady near 0.6850 following few surprises from NZ GDP

The Kiwi barely registers NZ GDP figures, which came in at expectation, but forecasts aren't expecting much from the NZ economy lately.
The NZD/USD is toying with 2018's key low as bidders remain constrained by overall market sentiment.

Joshua Gibson FXStreet

The NZD/USD is trading near 0.6860, flat for Thursday and close to Wednesday's closing price.

The Kiwi was little-moved following the New Zealand GDP figures, which came in at expectations, and the NZD/USD pair is free to continue moving with overall market sentiment.

GDP figures for the first quarter was the big showing for the NZD this week, and little else remains on the NZ side of the data docket, though US Jobless Claims will be hitting in the US session later today, and at 12:30 GMT Initial Jobless Claims are expected to tick up slightly from 218 thousand to 220 thousand.

NZD/USD levels to watch

The Kiwi is accelerating into 2018's low for the pair of 0.6854, and NZD buyers could be looking to set off a double bottom reversal from the key support level, though a break lower will see further declines into the December 2017 swing low of 0.6816.

Spot rate: 0.6864
Relative change: Negligible
High: 0.6865
Low: 0.6858

Trend: Bearish

Resistance 1: 0.6900-0.6923 area figure and supply/demand level
Resistance 2: 0.6960, June 1 low
Resistance 3 0.7000 figure

Support 1: 0.6854, current 2018 low
Support 2: 0.6816 December 1, 2017 low
Support 3: 0.6780, 2017 low

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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