FXStreet (Guatemala) – NZDUSD is currently trading at 0.6911 with a high of 0.7000 and a low of 0.6904.
NZD/USD has dropped on the back of the release of GDP. New Zealand Gross Domestic Product (QoQ) came way below forecasts (0.6%) in 1Q: Actual (0.2%) while New Zealand Gross Domestic Product (YoY) came in at 2.6%, below expectations (3%) in 1Q.
The bird has fallen heavily and remans offered without a committed bull in sight as bears challenge the 0.69 handle and totally wiping out upside profits that came on the back of the FOMC’s dovish statement earlier in the US shift. The GDP was the first and last set of data for NZ this week post the RBNZ cutting rates that surprised the markets last week.
NZD/USD enroute for 2010 lows?
The bird has already been as low as 0.6877 on the knee jerk of the FOMC and this could well be an area of interest for the bears on the back of this release. Technically, 0.6800 is on the bears map should the downside be extended further, challenging June 2010 lows of 0.6793.
(Market News Provided by FXstreet)