NZD/USD down in a ANZ business data shocker

FXStreet (Guatemala) – NZD/USD is currently trading at 0.6816 with a high of 0.6856 and a low of 0.6809.

NZD/USD has been an active pair in Asia, with now the ANZ business outlook coming in very disappointing and sending the bird in to a tail spin, extending the downside from 0.6880 US session highs to aforementioned lows. The numbers for May came in at -2.3 vs 15.7 previous.

In summary, quoted from ANZ’s Business Outlook report:

“Business confidence and firms’ signals on the employment, investment and
activity front are receding. They’re receding from high levels though, so let’s
keep it in perspective.

The growth side of the economy still looks okay; optimism is just
progressively being tempered. There are risks though, and declines are
looking more trend-like.

Inflation expectations fell to a historical low. A low headline inflation rate
will be playing a role, but it’s notable that inflation expectations are tracking
below the inflation target midpoint; that’s unusual.”

Earlier on the day, 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.

Technically, NZD/USD’s defined bearish trend is compelling on the daily charts while the bird trades well below the picot now and 0.7020 keeps a bearish lid on the unit from the 10th June bearish gap on the shorter term time frames. 0.6880 comes as first resistance. 0.6800/10 comes as S1 and 0.6702 comes as S3.

NZD/USD is currently trading at 0.6816 with a high of 0.6856 and a low of 0.6809.

(Market News Provided by FXstreet)