NZD/USD: Trading under pressure - ANZ

Analysts at ANZ suggest that better US data + position unwinding = a lower NZD/USD.

Key Quotes

“Further moves look contingent on two things: First, the market is not necessarily looking at a change in tone from the RBNZ, but certainly something in spirit; a flat-lining of the bill track for instance. Second, the tenor of US data needs to remain supportive. And of course this is all subject to US political uncertainty not returning as a theme, although on that front NZ’s story is looking less pristine too! Break below the key 0.7337 61.8% retracement level overnight bearish.”

“Support 0.7285 Resistance 0.7380”