New Zealand reports a trade deficit in June. US Dollar Index struggles to move away from mid-94s. New home sales change will be released in the NA session. The NZD/USD pair dropped to a daily low at 0.6786 during the early trading hours of the Asian session following the disappointing data releases from New Zealand. However, the bearish pressure surrounding the greenback allowed the pair to recover its losses. After touching a session a top 0.6820, the pair went into a consolidation phase ahead of the U.S. data and was last seen trading at 0.6805, where it was virtually unchanged on the day. The data released by the Statistics New Zealand on Wednesday showed that the trade balance dropped to -$113 million in June from a surplus of $208 million in May and failed to meet the market expectation of +$200 million. On a yearly basis, the trade deficit increased to $4.030 billion from $3.680 billion. Later in the session, new home sales data from the United States will be looked upon for fresh impetus. Monday’s data showed that existing home sales continued to contract amid rising prices and a negative reading shouldn’t be a big surprise. The US Dollar Index, which tracks the greenback against a basket of six major currencies, was last seen down 0.1% on the day at 94.52. Technical outlook Despite today’s fluctuations, the RSI indicator on the daily chart stays near 50, suggesting a near-term outlook. On the downside, supports align at 0.6750 (Jul. 11 low), 0.6715 (Jul. 20 low) and 0.6685 (Jul 2/3 low). Resistances could be seen at 0.6820 (daily high), 0.6875 (50-DMA) and 0.6920 (Jun. 24 high). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China: SME financing becoming a concern – Standard Chartered FX Street 5 years New Zealand reports a trade deficit in June. US Dollar Index struggles to move away from mid-94s. New home sales change will be released in the NA session. The NZD/USD pair dropped to a daily low at 0.6786 during the early trading hours of the Asian session following the disappointing data releases from New Zealand. However, the bearish pressure surrounding the greenback allowed the pair to recover its losses. After touching a session a top 0.6820, the pair went into a consolidation phase ahead of the U.S. data and was last seen trading at 0.6805, where it was virtually unchanged… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.