Kiwi dollar accelerated lower in Asia after New Zealand’s Central Bank kept rates unchanged, but signaled neutral policy. Strong pullback from 0.7373 (07 Feb peak of 1 1/2 month long rally) extends for the third straight day and shows signals of further easing. Fresh near-term bears are approaching first strong support at 0.7172 (Fibo 38.2% of 0.6847/0.7373 rally, reinforced by ascending daily Kijun-sen (currently at 0.7160), which lies ahead of plethora of strong supports between 0.7130 and 0.7100 (100/200/55 SMA’s / daily cloud top). Correction should be contained above 0.7100 to keep broader bulls in play for fresh attempts higher. Conversely, stronger pressure on negative sentiment on CB would risk extension of the downmove from 0.7373, with break below 0.7100 pivot, to confirm reversal and open way for further downside.
Res: 0.7240, 0.7277, 0.7300, 0.7331
Sup: 0.7172, 0.7132, 0.7100, 0.7048
