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NZD/USD falls into 0.7150 as the Kiwi gives up ground to the Greenback

4/24/2018, 10:20:16 AMTrading Strategies
NZD/USD falls into 0.7150 as the Kiwi gives up ground to the Greenback

The NZD/USD is trading near 0.7150 heading into the Tokyo trading session after losing ground steadily through Monday's trading.

The Kiwi stooped against the USD as the Greenback rallied across the broader market, and the US Dollar recovery that began near the end of last week is continuing against an already-weak NZD, which has closed lower against the USD for five consecutive trading days.

The mid-week is clear of data for the Kiwi, with Tuesday free of scheduled economic releases and Wednesday marked by the Anzac Remembrance Day for Australia and New Zealand.

NZD/USD Levels to watch

With the Kiwi testing into four-month lows, the NZD/USD pair has broken to the low side of the rough channel that has trapped action for most of 2018's action thus far, and an extended decline is likely to pull back for a test of the lower boundary near 0.7185, while a retracement will face resistance at the 50.0 Fibo level near 0.7270.