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.

EUR/USD appears supported by the 200-day SMA, for now

Following an early pullback to multi-week lows near 1.1670, EUR/USD now manages to reclaim the 1.1700 region as the NA session draws to a close on Monday. The steep retracement in spot follows the equally strong move higher in the US Dollar, as investors continue to assess the geopolitical landscape in the wake of the US and Israel attacks on Iran.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold eases some ground, approaches $5,300

Gold now surrenders part of the earlier advance, reshifting its attenton to the $5,300 zone per troy ounce at the beginning of the week. Indeed, the yellow metal’s firm performance appears propped up by incresing geopolitical jitters in the Middle East, which at the same time fuels the demand for the safe-haven space.