NZD/USD bulls await the RBNZ next month now?

Currently, NZD/USD is trading at 0.7489, down -0.43% on the day, having posted a daily high at 0.7560 and low at 0.7482.

Although the greenback is performing well in a recovery, NZD/USD has held up relatively well in comparison with Fonterra raising forecasts for farmgate milk prices to NZD 6.75/kg from 6.50, in a bullish bias vs the Aussie counterpart as well. 

US Durable Goods Orders: strong headline and encouraging details - Wells Fargo

Analysts at ANZ called for a lower Kiwi yesterday but highlighted that there is room until 0.7790, being the 61.8% retracement level of the move from 0.8818 to 0.6130 that occurred between October 2014 and August 2015. On a correction of today's downside and recovery in the greenback, eyes will be back on the mid point of the 0.75 handle and aforementioned technical targets. 

However, the fundamentals are supportive of a stable US dollar after today's US durable goods orders that reported a surprise to the upside with a 6.5% gain in June. Bulls may remain on the sidelines for the time being, and perhaps at least until the RBNZ's 10 August 2017 OCR & MPS meetings unless anything dramatically negative comes from the US in the meantime - eyes will be on next month jobs report for example, (nonfarm payrolls).

NZD/USD support levels

0.7460 was Friday's 10-month high and 0.7485 was the September high where bulls are collecting the bid currently with slippage to 0.7482 the low so far. Below there, the next supports are 0,7400, 0.7386, 0.7280, (11th July high), 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.