Forex: NZD/USD strongly bearish at 0.7170

The New Zealand dollar continues to oscillate in a narrow channel 0.7170 and 0.7190 and this downward bias may see the Kiwi drop below 0.7100 as risk aversion continues. The pair has support at 0.7100 and resistance 0.7172.

The current pricing is ahead of economic reports due, including Q3 wage data and is set among a backdrop of Westpac’s announcement that its earnings in New Zealand were halved with a fall of $236m in the year to September. Still, as reported in the NZ Herald, New Zealand Trade Minister Tim Groser remained optimistic telling an audience of farmers that their country face unusually favourable long-term prospects for agriculture and trade.