The NZDUSD has dropped to a new low for the day and the trading week following the better-than-expected PPI data. The decline pushed the pair below:
The session low has now reached 0.59075.
Downside targets include:
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0.59039 — low from July 17
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0.5882 — swing lows from June 23 and August 5
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0.58769 — 38.2% retracement of the April rally
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0.5845–0.5860 — key swing area
On the upside, buyers would need a recovery above 0.5937 and the 100-bar MA at 0.59524 to regain momentum. Until then, sellers remain firmly in control.
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