NZD under bearish pressure, trading around 3- month low

In the late Asian session on Friday the kiwi was down 0.59% at $0.6434, not far off it's more than three-month low of $0.6419.

• Fears over the slowdown in China have cast a long shadow over markets globally, with stocks crashing and participants seeking safer assets. Commodity currencies such as the kiwi and the Aussie dollar have been hit hard as both nation's economies are strongly linked to China, and any signs of a slowdown in the world's number two economy will also play out in the antipodean economies.
   
• Furthermore, oil resumed its fall on Friday after prices firmed above $31 per barrel on Thursday, compounding the bearish pressure on the kiwi. Futures for WTI dropped 2.05% to trade at $30.56 per barrel, while Brent futures slipped 1.74% to $30.52 per barrel.
   
• There was no data from New Zealand overnight but a raft of releases from the US later today may peak traders' interest.
   
• Initial support levels are seen at $0.6413, $0.6373 and $0.6327.
   
• On the top side resistance levels are seen at $0.6521, $0.6567 and $ 0.6618 levels.