NZD/USD snaps eight-day losing streak in Asia

A minor bout of weakness in the US dollar helped the NZD/USD pair snap the eight-day losing streak in Asia.

The currency pair dipped to a low of 0.6985 in early Asia before jumping to a high of 0.7025 levels.

Weekly 100-MA comes into play

The weekly 100-MA of 0.6992 was put to test again in Asia however; the exhaustion in the US dollar’s Bull Run ensured the critical moving average support remained intact.

The New Zealand credit card spending figures released today failed to have any impact on the pair as the focus remains on the ‘Trump bump’ trade which as per many experts has run ahead of itself.

NZD/USD Technical Levels

The spot was last seen trading around 0.7010 levels. Failure to hold above today’s low of 0.6985 would open doors for 0.6952 (July 21 low) and 0.69 (zero figure). On the higher side, breach of 0.7031 (200-DMA) would expose resistance at 0.7070 (Nov 14 low) and 0.71 (zero figure).