NZD USD declines to 2 month lows
10/7/2016 10:26:15 AM
The selling pressure increased, causing to hit the NZD/USD pair to fresh 2 month lows, nearer towards 0.7100 handle.
Currently, the NZD/USD pair fell -0.57% to fresh session lows of 0.7124, now looking to test 0.7100 handle. The Kiwi expands losses into a fourth-day this Friday, as different monetary policy views between the Fed and RBNZ comes back into spotlight, with the Fed likely to tighten its policy in the impending months, while the RBNZ is seen slashing rates next month.
Furthermore, stronger US economic releases carry on to back the USD bulls, while the NZD took a hit after the NZ GDT price index fell and disappointed markets big time.
To the upside, the next persistence is located at 0.7203, above which it could expand gains to 0.7234 and from there to 0.7261/75. To the downside immediate support might be located at 0.7100 and from there to at 0.7084, below which 0.7064 would be tested.