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NZD/USD falls back to the 0.72 handle on Greenback gains

3/29/2018, 10:04:55 AMMarket Analysis
NZD/USD falls back to the 0.72 handle on Greenback gains

The Kiwi followed the other G10 currencies lower today against the USD and is heading into the overnight session trading into the 0.7200 handle.

The NZD/USD swooned in Wednesday's action as the US Dollar was the favoured currency. New Zealand Building Permits came in at 5.7 percent versus the previous 0.0 percent showing, but the pair barely registered and was left to chatter along the key 0.7200 level. Building Permits has been a volatile indicator, and spikes in the headline figure continue to be followed by drops.

The Kiwi has been left out in the cold for Thursday with no macro data on the docket, and the pair's balance will be determined by market sentiment heading into the Tokyo trading session.

NZD/USD Levels to watch

The Kiwi-Dollar pairing continues to price in lower highs on the Daily candles, and pressure is mounting to drive the NZD back into the 200-day SMA at 0.7150, and a successful push past the key barrier sees the way open for further downside into November's range, beneath the 0.7000 major level. Resistance is piling up on the Kiwi from this week's swing high at the 0.7300 level with further resistance from March's high near 0.7350.