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NZD/USD: Bears staring 0.84 from the rear mirror

FXStreet (Bali) - NZD/USD is trading depressed at 0.8370 day lows following a more hawkish -than-anticpated FOMC minutes on Wednesday.

The pair saw an early decline in the last Asian session, tripping stops below 0.84 after trading heavy all week long on the back of a downgraded economic forecast by the NZ Treasury, NZ PPIs below expectations, a tepid NZ dairy auction, and just out in the current Asian session, we learnt that momentum in NZ job ads cooled in July.

From a technical perspective, Jim Langlands, Founder at FXCharts, notes that having left 0.84 behind, "there is not much support to hold it up and a deeper decline seems possible that would most likely head towards the next meaningful support levels at 0.8275/0.8300." Jim adds that "the short term charts remain negative and thus selling into near term rallies seem to be the plan."

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