NZD/USD remains under pressure after weak GDT auction outcome
The NZD/USD extends the bearish momentum into the NA session despite the recent fall in the US Dollar Index. The poor result of the GDT event is taking a toll on the kiwi. At the moment, the pair is down 0.57% at 0.6975.
Change in GDT Price Index came in at 1.6%, lower than the previous 1.7% and the average price settled at $3,005. The pair has been under pressure since the Asian session as the sharp drop witnessed in the highly correlated AUD amid RBA decisions and statements weighed on the NZD.
However, the pair was able to limit its losses as the US Dollar Index is having a difficult time gathering momentum above 100.50. The latest news from the White House suggested that the House Republicans are looking to revive the healthcare bill instead of moving on to the tax reform or the other pro-growth policies such as the infrastructure spending or deregulations, once again hurting the investors' confidence in the ability of the Trump administration to boost the economic growth.
- AUD/USD reverses daily losses, back above 0.7550
Technical levels to consider
The pair could encounter the first technical hurdle at 0.7000 (psychological level) followed by 0.7090 (100-DMA) and 0.7150 (200-DMA). On the downside, below 0.6970 (Daily low), the bearish move could extend towards 0.6925 (Mar. 15 low) and 0.6890 (Mar. 10 low).
- NZD: Mild bias lower - ANZ
