NZD/USD under pressure, a breach of 0.7100 on cards?

Dhwani Mehta FXStreet

A renewed selling-wave hits the NZD in the mid-Asian trades, now sending NZD/USD back in the red towards 0.71 handle.

NZD/USD attacks 0.7100

Currently, the NZD/USD pair drops -0.11% to 0.7113, on its way to test daily lows struck at 0.7103. The Kiwi attempts a minor-correction after four straight sessions of gains, driving the major slightly lower from fresh weekly highs reached a day before at 0.7130.

The NZD/USD pair reversed a part of the previous rally and now remains in the red amid not so favourable risk environment as markets turn cautious after mixed Brexit polls outcome conducted late-Monday evening.

Next in focus for the pair remains the Fed Yellen’s testimony, while the Brexit news flow will continue to garner a lot of attention across the fx board.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7125/26 (daily & Jun 10 high), above which it could extend gains to 0.7153 (multi-month highs). To the downside immediate support might be located at 0.7082/60 (5 & 10-DMA) and from there to at 0.7000 (June 9 Low).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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