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NZD/USD barreling into 0.71 as the Asia selloff continues

4/24/2018, 10:12:05 AMBasics of Trading
NZD/USD barreling into 0.71 as the Asia selloff continues

The NZD/USD is drifting lower in Asia trading, touching into 0.7115 as the US Dollar continues to find bidders and the Antipodeans continue to wallow in their bearish trends.

The Kiwi has a data0light week ahead of it, with nothing scheduled for Tuesday, and New Zealand will be shuttered for Wednesday along with Australia in observance of the Anzac Remembrance Day. Macro figures for New Zealand have been steadily missing the mark, and the Reserve Bank of New Zealand (RBNZ) is set to be trapped under the weight of low rates and middling economic growth for the reasonable future.

Thursday will bring New Zealand Trade Balance figures to the market at 22:45 GMT, and extra attention can expect to be paid to the headline figures as the US-China trade war continues to ramp up and threatens trade stability in the Asia region.

NZD/USD Levels to watch

The pair is breaking lower after closing bearish for the last five consecutive trading days, with the NZD/USD trading into four-month lows. A bullish pullback from here will see resistance at the 50.0 Fibo level at 0.7250, with a further boundary at the last swing high at the 0.7400 major handle, while a bearish continuation is largely unfettered until hitting December's swing highs at 0.7020, with further support from November's lows at 0.6790.