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New Zealand dollar struggled for traction early in the Asian session, having skidded nearly 3 percent last week.
- NZD/USD was rejected at 0.6300 levels and fell further, currently languishing near multi-year troughs at 0.6263 levels.
- Market participants brace for RBNZ monetary policy announcement and crucial China trade and CPI data later this week
- With a 25bp cut to official rates priced into the market, investors await RBNZ's quarterly policy statement to see if more cuts would be in store before year-end
- NZD/USD is currently trading at 0.6264, with immediate resistance at 0.6337 (Hourly high Sep 4) and support at 0.6200 (2015 Low Aug 24)
Resistance Levels:
R1: 0.6337 (Hourly high Sep 4)
R2: 0.6375 (10 DMA)
R3: 0.6388 (Daily Tenkan-Sen)
Support Levels:
S1: 0.6200 (2015 Low Aug 24)
S2: 0.6151 (Daily Low Jun 8 2009)
S3: 0.6130 (Daily High May 11 2009)
