The NZD/USD pair plunged in the last hours and now is trading at 0.6219 far below 0.6269 today's high. DXY's further growth forced the greenback to dominate the currency market. Technically, the downside pressure remains high in the short term despite the last rebound.
Fundamentally, the PPI Output rose by 0.3% versus the 0.8% growth estimated, while PPI Input surged by 0.2% less compared to the 0.5% growth estimate. On the other hand, the USD received a helping hand from the US economic data. The Unemployment Claims and Philly Fed Manufacturing Index came in better than expected.
NZD/USD Bearish Pattern!
Technically, the NZD/USD pair rebounded in the short term but it has failed to stay above the weekly pivot point of 0.6250 signaling exhausted buyers.
Now, it has registered a valid breakdown below the uptrend line. The instrument is challenging 0.6223 and it seems determined to approach and reach new lows.
NZD/USD Forecast!
The current breakdown below 0.6223 is seen as a selling signal with a first target at 0.6182 former low.
