NZD/USD: Kiwi's fate depends on two things . . .

Currently, NZD/USD is trading at 0.7327, down -0.02% on the day, having posted a daily high at 0.7334 and low at 0.7326.

NZD/USD could be on the way for a break below 0.7300 on further declines whether that be for renewed bullish sentiment in the greenback or the RBNZ as the next potential trigger. 

NZD/USD 1-3 month:  

Analysts at Westpac's medium term outlook into the close for H2 depends on the RBNZ. "If the RBNZ remains firmly on hold, as we expect, and the US dollar rises on tighter Fed policy, then NZD/USD could fall as far as 0.69 by year end," explained the analysts.

Meanwhile, analysts at ANZ also explained that further moves look contingent on two things: 

• First, the market is not necessarily looking at a change in tone from the RBNZ, but certainly something in spirit; a flat-lining of the bill track for instance. 
• Second, the tenor of US data needs to remain supportive. 

Forex today: dollar gets a big boost on strong JOLTS

NZD/USD levels

"And of course this is all subject to US political uncertainty not returning as a theme, although on that front NZ’s story is looking less pristine too! Break below the key 0.7337 61.8% retracement level overnight bearish," the analysts added.

To the upside, 0.7370 (recent high) remains the first resistance. 0.7420/25 ahead of the key 0.7440 and 0.7480 thereafter comes as the next near-term resistance areas. 0.7520/25 double top highs are ahead of the 21st July high at 0.7557. In a continuation, 0.7744 were the April 2015 highs ahead of the opening highs for that year at 0.7889. To the downside, supports come as 0.7320, ( today's low 0.7318), 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.