FxWirePro: NZD/USD extends post-FOMC slide, Kiwi dumped on New Zealand GDP miss

• NZD/USD dumped amid weak fundamentals and extends post-FOMC slide.
   
• FOMC hiked rates late-Wednesday and called for one more hike this year alongside balance sheet normalization.
   
• Data released earlier today showed New Zealand GDP came in at 0.5% q/q vs expected 0.7% q/q and prior 0.4%.
   
• For year on year, GDP stood at 2.5% vs the expected 2.7% y/y and prior 2.7%.
   
• Poor NZ growth numbers highlighted the divergent monetary policy outlooks between the Fed and RBNZ adding to downside pressure on the pair.
   
• Technical indicators are neutral for now. Stochs and RSI are on verge of rollover from overbought levels.
   
• The pair finds stiff resistance at channel top at 0.7270, upside only on decisive break above.

Support levels - 0.72, 0.7151 (50% Fib of 0.7485 to 0.6817 fall), 0.7118 (20-DMA)

Resistance levels - 0.7230 (61.8% Fib), 0.7246 (Feb 23 high), 0.73, 0.7342 (78.6% Fib)

Recommendation: Good to go short on close below 5-DMA, SL: 0.7270, TP: 0.7170/ 0.7150/ 0.7120.

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 18.1825 (Neutral), while Hourly USD Spot Index was at -74.3108 (Neutral) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.