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NZD/USD suffers big drop and looses the 0.84 handle

FXStreet (Guatemala) - NZD/USD is trading at 0.8350, down -0.70% on the day, having posted a daily high at 0.8403 and low at 0.8336.

NZD/USD is suffering on risks of RBNZ intervention and the US factors that have been attributing to a stringer greenback of late. Nevertheless, the 0.84 handle was taken out and ferociously. Analysts at Westpac said, “From here we should see a continuation to 0.8300 during the weeks ahead…We continue to target 0.8200 by year end”.

Event Risk This Week: NZ business confidence, US GDP

The analysts at Westpac explained that this week’s NZ calendar is of moderate market importance. “The trade balance is on Tuesday, food prices Wednesday, and building permits and monthly business confidence Friday. The US calendar this week has a reasonable run of data with Chicago National Fed Activity Index and Dallas Fed Monday; durables plus Richmond Fed Tuesday; revised Q2 GDP on Thursday and PCE plus Chicago PMI Friday. There are mixed views on revised Q2 GDP with net export drag likely to be revised lower but likely to be offset by inventory data. Our gut feel suggests a mild downward revision. Fed surveys are unlikely to give clear strong trend here”.

NZD/USD hourly levels

Spot is presently trading at 0.8350, and next resistance can be seen at 0.8357 (Daily Classic S2) and 0.8383 (Daily Classic S1). Support below can be found at 0.8337 (Weekly Classic S1), 0.8265 (Weekly Classic S2) and 0.8182 (Weekly Classic S3).

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