NZD/USD reverses daily gains, trying to defend 0.7200 handle

Haresh Menghani FXStreet

Having posted multi-day tops at 0.7240 level, the NZD/USD pair ran through fresh offers and slipped into negative territory after strong US economic data.

Currently trading around 0.7210-15 region, spot accelerated the reversal move during NA session after Thursday's US economic releases, especially weekly jobless claims and Philly Fed manufacturing index, added on to recent slew of upbeat macro data and helped the key US Dollar Index stall its sharp reversal move from over one-month high touched on Wednesday.

However, sliding US Treasury bond yields was seen lending some support to the higher-yielding currency - Kiwi, and limited the downslide just above 0.7200 handle.

With the US economic data out of the way, investors now shift their focus to quarterly retail sales data from New-Zealand, scheduled during early Asian session on Friday.

GMT	Event	Consensus	Previous
Thursday, Feb 16
21:30	NZD Business NZ PMI		54.5
21:45	NZD Retail Sales ex Autos (QoQ)		1.1%
21:45	NZD Retail Sales (QoQ)	1.1%	0.9%

Technical levels to watch

On a sustained break below 0.7200 handle, the pair is likely to slide back to 0.7165 horizontal support ahead of 100-day SMA strong support near 0.7140-35 region. On the upside, a clear break through 0.7240 immediate hurdle is likely to trigger a sharp spike towards 0.7275 horizontal resistance before the pair eventually surpass 0.7300 handle and head towards testing 0.7320 strong resistance.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 0.7130

0% Bullish
50% Bearish
50% Sideways

Bias Bearish

1 Month

Avg Forecast 0.7038

17% Bullish
67% Bearish
17% Sideways

Bias Bearish

1 Quarter

Avg Forecast 0.6955

11% Bullish
74% Bearish
16% Sideways

Bias Bearish

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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