NZD/USD extends losses to 1-hour 50-MA

NZD/USD extended earlier losses to hit a session low of 0.7280 and was last seen trading around the 1-hour 50-MA level of 0.7287 levels.

The offered tone around the NZD gathered pace earlier today after the data released in New Zealand showed the unemployment rate ticked higher to 5.2% in the fourth quarter. Markets were expecting the figure to print at 4.8%.

Meanwhile, the Kiwi had little to react to the news of national elections on September 23.

The broad based USD sell-off seen in the North American session saw the NZD/USD pair clock a high of 0.7350; a level last seen on November 9, 2016.

NZD/USD Technical Levels

A violation at the immediate support of 0.7278 could yield a drop to 0.7252 (10-DMA) and 0.7220 (Jan 17 high). On the other hand, a rebound from the 1-hour 50-MA support of 0.7287 would shift risk in favor of a rise to 0.7312 (session high), above which the spot may test supply around the previous day’s high of 0.7350.