NZD/USD sticks to RBNZ-led losses, well below mid-0.6700s

RBNZ's plans for unconventional monetary stimulus weighed heavily on the Kiwi.
Tempered Fed rate cut bets underpinned the USD and added to the selling bias.

Haresh Menghani FXStreet

The NZD/USD pair now seems to have entered a bearish consolidation phase and was seen oscillating in a range near the lower end of its daily trading range, below mid-0.6700s.

The pair extended overnight rejection slide from the 0.6900 neighbourhood, or multi-month tops and met with some aggressive supply during the Asian session on Tuesday after the Reserve Bank of New Zealand (RBNZ) said it had done contingency planning for unconventional monetary stimulus.

The pair was further pressurized by a follow-through pickup in the US Dollar demand, which remained supported by tempered market expectations for an aggressive monetary easing by the Fed despite the US President Donald Trump's latest pressure for immediate rate cuts.

Meanwhile, the intraday downtick seemed rather unaffected by positive trade-related headlines, suggesting that the US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer will travel to China next week for negotiations with Vice Premier Liu He.

It would now be interesting to see if the pair can attract any fresh buying at lower levels or the current pullback marks the end of the recent bullish trajectory, setting the stage for a further near-term depreciating move amid absent relevant market moving economic releases from the US.

Technical levels to watch

NZD/USD

Overview
Today last price	0.6733
Today Daily Change	-0.0026
Today Daily Change %	-0.38
Today daily open	0.6759

Trends
Daily SMA20	0.6689
Daily SMA50	0.6611
Daily SMA100	0.6676
Daily SMA200	0.6722

Levels
Previous Daily High	0.6787
Previous Daily Low	0.6756
Previous Weekly High	0.6792
Previous Weekly Low	0.6686
Previous Monthly High	0.6722
Previous Monthly Low	0.6487
Daily Fibonacci 38.2%	0.6768
Daily Fibonacci 61.8%	0.6775
Daily Pivot Point S1	0.6748
Daily Pivot Point S2	0.6736
Daily Pivot Point S3	0.6716
Daily Pivot Point R1	0.6779
Daily Pivot Point R2	0.6799
Daily Pivot Point R3	0.681

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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