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NZD/USD Poised To Finish The Week Lower

KIWI

NZD/USD sank yesterday, as risk aversion and unfavourable technical backdrop sapped strength from the pair. Although the rate recouped the bulk of earlier losses in NY hours, as U.S. equity benchmarks managed to eke out gains, it finished below neutral levels, extending its slide to four consecutive days.

  • NZ FinMin & Labour Finance Spokesman Robertson took part in a debate with National Finance Spokesman Goldsmith. The recording is available on RNZ website.
  • The rate has been rangebound so far, last trades +3 pips at $0.6549. The technical outlook remains bearish after the formation of a double top pattern, with initial focus on the 100-DMA/round figure at $0.6504/00. Below there opens Aug 20 low/23.6% retracement of the YrD range at $0.6489/85. Bulls set their sights on the 50-DMA at $0.6640.
  • NZ highlights next week include building permits & ANZ Business Confidence (Wednesday), as well as ANZ Consumer Confidence (Friday).
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