Kiwi Dollar trading heavy after weak GDP release overnight

  • GDP arrived at 0.2 % quarter-on-quarter vs. a forecast of 0.6 %
  • This is adding to the already negative NZD sentiment, which intensified after the RBNZ unexpectedly cut rates last week
  • Looking at the long-term charts, the pair will likely find some solid support at 0.6785, which is the July 2010 low, but the next major support area now lies at 0.6575/85
  • Intraday, 0.6850 and 0.6940 are the key levels to watch
  • Keep in mind that there are 2.23 billion worth of options expiring today at 0.6975 (15:00 London time), though that level looks a bit too distant right now

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