NZD/USD: dollar dominates, targetting 0.6950

Currently, NZD/USD is trading at 0.7030, down -0.04% on the day, having posted a daily high at 0.7036 and low at 0.7030.

As analysts at Westpac noted, "The US dollar continues to rise, pushing NZD/USD lower. We target the 0.6950 area next (21 July low). Further ahead, a sustained break below 0.7060 (H&S neckline) signals a much larger fall to 0.66 during the weeks ahead.

NZD/USD 1-3 month:  The US dollar has had an impressive rise since the US election and has potential to rise further, not least because the Fed will probably hike in December. Against that, the NZ economy is strong and dairy prices have risen. Overall we are left with a bearish outlook, targeting 0.70 or lower."

NZD/USD levels

Spot is presently trading at 0.7031, and next resistance can be seen at 0.7033 (Daily Open), 0.7036 (Daily High), 0.7064 (Monthly Low), 0.7064 (Weekly Low) and 0.7066 (Hourly 20 EMA). Support below can be found at 0.7030 (Daily Low), 0.7027 (Daily Classic S1), 0.7023 (Daily 200 SMA), 0.7020 (Weekly Classic S1) and 0.7013 (Yesterday's Low).