NZD/USD correcting RBNZ’s McDermott’s “intervention” supply

Currently, NZD/USD is trading at 0.7269, down -0.07% on the day, having posted a daily high at 0.7279 and low at 0.7269.

NZD/USD has perked up a little in early Asia with bulls taking it on at the three-time support area in the 0.7260's since the mid morning London session. However, it is unlikely that we will see too much follow through in a risk-off environment and ahead of the US CPI data in the US shift tonight. Meanwhile, the bird has been, for the most part, consolidating yesterday's sell off from 0.7370 area in a continuation of the supply from 0.7560. This latest offer came on the heels RBNZ’s McDermott’s “intervention” comments late in the day yesterday, down to 0.7252.

Forex today: USD lower, risk-off, lower rates

NZD/USD 1-3 month:  

Analysts Westpac explained the RBNZ remains firmly on hold and if the US dollar rises on tighter Fed policy, then NZD/USD could fall as far as 0.69 by year end. 

NZD/USD levels

Supports are 0.7250 and the 0.7205/06 June 22/21 lows; 0.7186 June 15 low; 0.7150 June 5 high; 0.7127 June 6 low and 0.7100.  On the flip side, 0.7370 (recent high) remains the first resistance. 0.7420/25 ahead of the key 0.7440 and 0.7480 thereafter comes as the next near-term resistance areas. 0.7520/25 double top highs are ahead of the 21st July high at 0.7557. In a continuation, 0.7744 were the April 2015 highs ahead of the opening highs for that year at 0.7889.