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NZD/USD heavy below the pivot

FXStreet (Guatemala) - NZD/USD is trading at 0.8432, down -0.03% on the day, having posted a daily high at 0.8438 and low at 0.8430.

NZD/USD struggles below the pivot and is trading heavy on the 0.84 handle. Analysts at BNZ explained that the past month has seen considerable traction made toward their end-of-year targets, as NZD underperformed amidst a broader USD rally. “In the past month, the NZD fell more against the USD than 29 of 31 major currencies tracked by Bloomberg. Our forecasts are unchanged from the last update”. They added further, “We can’t hand-on-heart claim to have foreseen the very strong tailwinds that have accelerated NZD’s slide south. While a softer dairy story has long been part of our view, the decline in prices to date (some 41% since early February) has been more precipitous than we imagined. Nor did we expect the RBNZ to take such a strong line against the currency at its July OCR Review, where it included a thinly veiled reference to direct intervention”. As for the calendar today, the main event as sighted by analysts at TD Securities is real retail sales and likely a decent increase of +1.0%/qtr for Q2 (mkt +1.0%).

NZD/USD hourly levels

Spot is presently trading at 0.8433, and next resistance can be seen at 0.8436 (Hourly 20 EMA), 0.8442 (Daily Classic S2) and 0.8450 (Daily Classic S1). Next support to the downside can be found at 0.8430 0.8429 (Daily Classic S3), 0.8412 (Weekly Classic S1) and 0.8363 (Weekly Classic S2).

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