NZD/USD extends GDP-led sell-off to 0.7260

The bears remain relentless following the release of NZ GDP miss, now pushing NZD/USD deeper in the red near 0.7260 region.

NZD/USD slumps on poor NZ GDP

Currently, the NZD/USD pair trades -0.21% lower at 0.7266, keeping the range near daily troughs hit at 0.7259 some minutes ago. The Kiwi remains heavily offered as a weaker NZ  GDP report released earlier on the day, refueled RBNZ rate cut expectations.

Moreover, persisting risk-off trades amid increased uncertainty over global central banks’ action, also weighed on the higher-yielding currency NZD. Looking ahead, attention now turns towards the US economic releases due later in the NA session for further momentum on the major.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7298/0.7303 (5 & 20-DMA), above which it could extend gains to at 0.7339/50 (10-DMA/ psychological levels). To the downside immediate support might be located at 0.7219 (50-DMA) and from there to at 0.7164 (daily S3).