NZD/USD is extending declines from strong trendline resistance at 0.6870. We see scope for downside to test 0.6615.
- Data today showed that visitor arrivals fell by -1.6% in February after a 2.7% rise in January and net migration for February came in at 6070 vs 6130 in January.
- Earlier today Q1 Westpac consumer confidence also fell to 109.6 from 110.7 in the fourth quarter in 2015.
- Immediate support is seen at 0.6743 (5-DMA), while resistance is located at 0.06802 (Mar 8th highs).
Recommendation: Sell rallies in the pair around 0.6770/80, SL: 0.6870, TP: 0.6660/0.6615
