- The Kiwi, already struggling to find bullish momentum on its own, follows broader markets lower against the Greenback.
- Risk appetite has vanished to cap off an already-limited week.
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.
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