NZD/USD breaks major support at 0.7070, on track to test 50-DMA

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
165 0 6
Kiwi extends downside for the fifth consecutive session. Techs are heavily bearish , we see no signs of reversal.

RBNZ announced earlier today move to quell the country’s housing boom by restricting the amount of money property investors can borrow.

Governor Graeme Wheeler will now be free to respond to persistently weak inflation by cutting the official cash rate on Aug. 11.

On the daily charts , NZD/USD             has breached another major support at 0.7070 levels and we see scope for test of 50-DMA currently at 0.6993.

Downside in the pair has currently stalled at 0.7013, a minor correction to 0.7038 levels seen.

Fonterra GlobalDairyTrade (GDT) auction awaited, forecast is for softer prices.

Our short call has hit all targets, recommend lowering trailing stop to 0.7070, target 0.6990.
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