NZD/USD is consolidating near 0.6550 after Wednesday’s 1.28% drop. Kiwi has lost more than 200 pips this week. The bulls remain on the sidelines despite the upbeat New Zealand trade surplus. The NZD/USD bears are taking a breather, having pushed the pair lower by 1.28% on Wednesday. That was the biggest daily decline since Aug. 7 and the third straight consecutive decline. The recent decline from 0.68 to 0.6536 (overnight low) could be attributed to the broad-based US dollar demand. The greenback picked up a bid earlier this week, tracking risk aversion in the global stock markets and due to relatively less dovish comments by Federal Reserve policymakers. The Reserve Bank of New Zealand kept interest rates unchanged on Wednesday; however, the status quo decision failed to put a floor under the Kiwi. Similarly, the upbeat New Zealand data released early Thursday has so far failed to impress the Kiwi bulls. According to Stats NZ, New Zealand’s imports fell by more than $1 billion in August 2020, leading to the largest annual trade surplus since 2014. While imports declined by 16% in annualized terms, exports increased by 8.6%. At press time, the pair is trading near 0.550, representing a 0.11% gain on the day. The daily chart shows a double top bearish reversal pattern. As such, the bias would remain bearish while the pair is held below the double top neckline level of 0.6601 (Sept. 9 low). The dollar index has broken higher from its two-month range of 92.00 to 94.00. Hence, the US dollar’s broad-based recovery rally looks set to continue. Technical levels 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 Australian Treasurer Frydenberg: Recession will dampen participation, productivity FX Street 2 years NZD/USD is consolidating near 0.6550 after Wednesday's 1.28% drop. Kiwi has lost more than 200 pips this week. The bulls remain on the sidelines despite the upbeat New Zealand trade surplus. The NZD/USD bears are taking a breather, having pushed the pair lower by 1.28% on Wednesday. That was the biggest daily decline since Aug. 7 and the third straight consecutive decline. The recent decline from 0.68 to 0.6536 (overnight low) could be attributed to the broad-based US dollar demand. The greenback picked up a bid earlier this week, tracking risk aversion in the global stock markets and due to relatively… 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.