NZD/USD technical analysis: Bears dominate at fresh multi-year low after downbeat NZ data
- NZD/USD drops to fresh low since October 2015 after New Zealand’s (NZ) ANZ Activity Outlook and ANZ Business Confidence slumped.
- An area including September 2015 low can offer intermediate halt ahead of highlighting 2015 bottom for bears to watch.
Disappointing statistics from New Zealand drag the NZD/USD pair to multi-year lows while it takes rounds to 0.6322 during Thursday’s Asian session.
August month’s Activity Outlook and Business Confidence data from the Australia and New Zealand Banking Group (ANZ) spread disappointment among the Kiwi traders. While Activity Outlook weakened to -0.5% from +5.0%, Business Confidence stretched its south-run to -52.3 versus -44.3 prior.
With this, the pair now aims to visit September 2015 lows surrounding 0.6236/43 with 0.6300 likely being an intermediate halt. Additionally, pair’s decline below 0.6236 might not hesitate to visit 2015 bottom near 0.6084 whereas a downward-sloping trend-line since November 2017, at 6060, may question bears afterward.
On the contrary, 14-bar relative strength index (RSI) is flashing oversold signals and may trigger the NZD/USD pair’s pullback to may month low near 0.6480 if it manages to rise past-2018 trough close to 0.6425.
NZD/USD weekly chart
Trend: bearish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
