NZD/USD is a silent martyr amid GBP crash

NZD/USD is silently losing height in Asia, now trading just below 100-DMA level of 0.7147 as world looks towards the flash crash in British Pound.

Fourth straight day of losses

The Kiwi is down for the fourth consecutive session after having failed to hold above 0.73 handle last week. The drop is mainly due to broad based US dollar rally on increased odds of Fed Dec rate hike bets.

Meanwhile, New Zealand side of the story did not help matters either. The disappointing GDT auction earlier this week strengthened the offered tone around NZD. The focus today is on the US non-farm payrolls release.

NZD/USD Technical Levels

The spot clocked a low of 0.7125 before recovering slightly to trade around 0.7143. A break below 0.7080 (50% of 0.6675-0.7485) could yield a test of 0.7054 (Apr 19 high), under which losses could be extended to 0.70 handle. On the higher side, breach of 0.7148 (100-DMA) would open doors for a re-test of daily high of 0.7170 and 0.7192 (5-DMA).