NZD/USD makes a new low as Asia markets sag

Kiwi drooping in Asia, making a new low for the month.
Markets are getting edgy ahead of the BoJ's rate call.

Joshua Gibson FXStreet

The Kiwi knocked into a fresh low for April, with the NZD/USD striking 0.7050 in Tokyo's early Friday session before rebounding back into the 0.7065 region.

Friday is focused on the Bank of Japan (BoJ) with their impending Rate Decision and outlook report, now that Kiwi Trade Balance figures missed expectations with the MoM March trade balance that printed a surprise -$86 million decline, as opposed to the $270 million surplus that was expected.

Adding further glum feelings to Friday's Asia session is Chinese industrial profits, which only increased by 3.1% YoY, a fair step down from the previous reading of 10.8%.

China industrial profits rise 3.1 percent y/y in March

NZD/USD Levels to watch

The Kiwi's technical outlook is a grim affair, and as FXStreet's own Ross Burland noted earlier, "technicals lean bearish after a new low was set with the RSIs biased down and with an inverted hammer on the monthly sticks with price changing hands below the monthly cloud base. The bears can target 0.7055 (low) and 0.7030. To the upside, 0.7150 guards 0.7185 resistance."

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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