NZD/USD (current price: 0.7006)
The New Zealand Dollar continued to decline throughout the week, as we expected. The currency has now fallen for eight sessions in a row compared to the U.S. Dollar. The weakness of the Chinese Yuan continued to push the Kiwi lower this week, as China is the biggest export target of New Zealand. The bearish Australian Employment Report also hurt the region’s assets on Thursday. The pair is now close to the crucial technical level of 0.70, after the negative week.
Our assessment: NZD/USD trades right at the 200-day Moving Average this morning. Strong support levels are found at 0.70 and near 0.6950.
