NZD/USD: on the way to break below 0.72 handle

Currently, NZD/USD is trading at 0.7208, down -0.91% on the day, having posted a daily high at 0.7281 and low at 0.7202.

NZD/USD has lost its footing and is on the verge of a break below the 0.72 handle for the first time since 21st June.  There was a 6.8 magnitude quake struck south of NZ's South Island triggering a sell-off and analysts at Westpac explained that the NZ data is moderating, particularly in the housing sector, but also recent retail sector data, (Flat in June vs +0.8% f/c (electronic card)), suggests consumer moderation. "Core inflation indicators continue to indicate benign forward pressures and suggest that Q2 CPI (17 July) may undershoot RBNZ projections." Elsewhere, and supportive of the dollar has been Fed's Williams who still sees rate hike, asset unwinding this year. 

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NZD/USD levels

Resistance: 0.7299 July 4 high; 0.7345 July 3 high; 0.7376 Feb. 7 high; 0.7393 Nov. 9 high. Support: 0.7205/06 June 22/21 lows; 0.7186 June 15 low; 0.7150 June 5 high; 0.7127 June 6 low. On the wide, on a break below 0.7080/00 opens 0.6970.