Forex Marketz Daily Forex News – Fully Markets Update
This morning, so far in early Asian trade hours, the Kiwi dollar has taken a rather large hit against its US dollar cousin. The NZD/USD Forex market has fallen lower, thanks to a concerted effort by the Reserve Bank of New Zealand (RBNZ) to talk the Kiwi lower. This Forex market has hit a fresh seven month low this morning.
There are also rising tensions on the Korean Peninsula as US President Donald Trump has ramped up his rhetoric against the rogue northern regime. The president said earlier on Thursday that his comments of “fire and fury” if North Korea persisted in threatening the US, “wasn’t tough enough.” Trump did not elaborate on what he meant by that statement. However, the President said that North Korea should be “very, very nervous.” Especially if it “(did) anything in terms of even thinking about an attack.”
Kiwi Dollar Technical Analysis
Let’s take a quick look at today’s Kiwi dollar technical analysis. Price action is testing a support congestion zone from the inflection point of 0.7260 to 0.7277. A daily close below this first downside barrier challenges the next downside layer of support lining up at 0.7187.
The alternative technical analysis notes the first upside barrier lining up at a congestion zone. This is the first big hurdle should the NZD unit appreciate again. This resistance barrier lines up at 0.7385 to a former support layer at 0.7410.
