NZD/USD Update – 31/07/2017 (12:30pm) – by Arjun Lakhanpal

July 31, 2017 by

NZD/USD Update – 31/07/2017 (12:30pm): Kiwi has now reversed all of Friday’s mixed US GDP report-led up-move and today’s slide could be solely attributed to a modest pickup in the greenback demand. In fact, the key US Dollar Index moved away from 13-month lows and has been one of the key factor weighing on the major. A follow through weakness below mid-0.7400s is likely to drag the pair back towards 0.7415 horizontal support ahead of the 0.7400 handle. On the flip side, any up-move might continue to confront some fresh supply near the 0.75 handle, which is closely followed by resistance near the 0.7520-25 region.