NZD/USD slides to fresh session lows near 0.7460 ahead of US GDP

Haresh Menghani FXStreet

After an initial uptick, the NZD/USD pair turned lower for the second consecutive session and extended previous session's corrective slide from 26-month highs.

The pair failed to build on early up-move and ran through some fresh offers around the key 0.75 psychological mark. The pair's downfall on the last trading day could be attributed to profit-taking. In absence of any fresh economic development, traders seemed to take some profits off the table, especially after the latest leg of upsurge of over 170-pips from 0.7400 neighborhood touched on Tuesday.

Meanwhile, the pair has failed to benefit from stalling US Dollar recovery move. While, a goodish rebound in the US Treasury bond yields, which tend to weigh on higher-yielding currencies, was also seen contributing to the pair's drop to session lows near the 0.7465-60 region.

Investors' focus on Friday would remain glued to the advance release of US Q2 GDP print, which would drive the greenback in the near-term and eventually provide some fresh impetus for the pair's next leg of directional move.

• US: Political uncertainty has not clearly harmed the economy - AmpGFX

Technical levels to watch

A follow through weakness below mid-0.7400s is likely to drag the pair back towards 0.7415 horizontal support ahead of the 0.7400 handle. On the flip side, any up-move now seems to confront some fresh supply near the 0.75 handle, which is closely followed by resistance near 0.7515-20 region.

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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