NZD/USD's bid stalling at 0.7052 as risk-off revs up in Tokyo

Ross J Burland FXStreet

NZD/USD is currently trading at 0.7044 with a high of 0.7052 and a low of 0.7018.

A major setback for the Trump trade - ANZ

NZD/USD's initial opening bid has met a road block as markets turn heavily risk off in Tokyo. Markets are fleeing from the dollar on the back of last Friday's vote not to replace the healthcare bill that Trump had tried to get through congress. This is being viewed by the market as a major setback for the ‘Trump trade’.

While the bird is effectively rangebound between 0.7000 and 0.7090, analysts at Westpac's longer term on a 1-3 month outlook, sees potential for higher to the 0.7150-0.7300 area during the month ahead, as USD longs are pared. "Further out, the Fed’s tightening cycle plus US fiscal expansion should maintain upside pressure on US interest rates and the US dollar, pushing NZD/USD down towards 0.6900. Weaker dairy prices plus the RBNZ’s emphatic reminders it is on hold for a long time should also weigh. (21 Mar)."

NZD/USD levels

NZD/USD's key first support is at 0.7016 and a break of there targets the 0.6950/60 levels. These are the key supporting areas guarding 0.6880 and March lows. On the flip side, a drive higher targets the double-bottom of potential resistance at 0.7130 on the 4hr chart in mid-Feb and late Fed business. 0.7245 comes as the late Jan/early Feb support and double top resistance Feb 16th and 23rd.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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