NZD/USD heading into Europe on the backfoot with credit spending disappointment
- Kiwi stoops as risk aversion sends Dollar higher.
- The contraction in Credit Card Spending limited upside potential.
NZD/USD is still trading to the downside, heading into the European session near Wednesday's low of 0.7316.
The Kiwi seems to have halted the slide the followed the FOMC Meeting Minutes, which saw bond yields jump and the Dollar surge as risk aversion takes the tops off equities and risk assets once again.
Despite the Greenback's cool-off during the overnight session, profit-taking had little effect on the pair, and the Kiwi remained on the lower end following a contraction in New Zealand Credit Card Spending growth, with the figure coming in at 4.6% versus the previous reading of 6.3%.
NZD/USD Technicals
The pair is tending to the bearish side, but bullish potential still remains, with Daily candles still trading above the 34 EMA and 200-day SMA, despite four straight days of declines. Support for the pair rests at 0.7298 and 0.7248, with resistance priced in at 0.7326 0.7353.