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NZD/USD heading towards 0.69 as risk aversion sweeps the broader markets under

2018-6-15 11:13:58Market Analysis
NZD/USD heading towards 0.69 as risk aversion sweeps the broader markets under

The NZD/USD is continuing to head lower in Asia trading, testing into 0.6950.


The Kiwi fell from a session high of 0.7044 on Thursday after broad-market risk appetite evaporated in the European markets. The European Central Bank (ECB) pushed out expectations of a rate hike until 2019, reversing the week's risk flows and sending traders piling into the Greenback.


The US session extended the day's decline as Retail Sales for the US widely beat expectations, driving the USD even higher across the board, and the NZD is now chunking into three-week lows.


Little else exists on the economic calendar of note for either currency, and current market sentiment threatens to drive the pair into the weekend with the Kiwi sagging.

NZD/USD levels to watch


The declining pair is running towards key support from the 61.8% Fibo level near  0.6930, with further support from the NZD/USD's technical bottom in May from 0.6850. Resistance for any bull pushes are thin, with a rough consolidation range set into the last two weeks' worth of candles from 0.7000 to 0.7060.