NZD/USD is extending declines from strong trendline resistance at 0.6870. We see scope for downside to test 0.6715.
Data today showed that visitor arrivals fell by -1.6% in February after a 2.7% rise in January and net migration for February came in at 6070 vs 6130 in January.
Earlier today Q1 Westpac consumer confidence also fell to 109.6 from 110.7 in the fourth quarter in 2015.
Immediate support is seen at 0.6743 (5-DMA), while resistance is located at 0.6802 (Mar 8th highs).
4-hourly charts show bearish momentum studies, stochs rollover from overbought, RSI biased lower and bearish MACD crossover on signal line.
Good to sell rallies in the pair around 0.6770/80, SL: 0.6810, TP: 0.6730/0.6715
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Target @ 0.6715 hit.
Pair currently trading at 0.67 after hitting lows of 0.6693.
Book partial profits, we see scope for further downside.