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NZDUSD : Might Extend its Losses

NZDUSD : 4 Hour Chart

NZDUSD is currently trading near one and half month lows on the 4 hour chart. The pair extended losses after the series of upbeat US data and Reserve Bank of New Zealand increased benchmark interest rate to 3.50% from 3.25% but signaled that the bank have given a pause in hike of interest rate. Now the investors would be focusing on the Non-farm employment change data and FOMC statement coming out this week on Friday and Wednesday respectively. The moving averages on the chart is signaling that the pair will continue to extend losses and might decline below the current support at .8530. Seems like investors are also waiting for the US Pending Home sales data coming out at 10:00 AM EDT today which might extend losses to the pair if it beats the economist's expectation.

NZDUSD : Daily Chart

On the Daily Chart, the pair seems to be currently testing the key support at .8530. If the pair continues to decline the next nearest support to the pair would be at .8477.