NZD/USD bulls holding off the supply

FXStreet (Guatemala) – NZD/USD is currently trading at 0.6834 with a high of 0.6856 and a low of 0.6832.

NZ Building permits came in with no change at 0% vs -0.7% consensus and had caused a slight bid on the bearish price trend, down from 0.6880 earlier in the US session. The bird had been better bid in recovery of last week’s downside but bulls are not so committed allowing supply to take over as the price eased back to last week’s closing levels where we are currently trading, lifted slightly on steadier building permits for May.

Technically, NZD/USD remains in a defined bearish trend on the daily chart here below the pivot without any sign of a recovery while below 0.7020, and 10th June bearish gap on the shorter term time frames. The bird is directly offered below 0.6880 as first resistance. 0.6800/10 comes as S1 and 0.6702 comes as S3.

NZD/USD is currently trading at 0.6834 with a high of 0.6856 and a low of 0.6832.

(Market News Provided by FXstreet)