NZD/USD tested weekly lows near 0.6830 amid risk-off (06/05/16)

The bears tightened their grip on the NZD in the European session, knocking-off NZD/USD to near one-week lows amid weaker stocks and oil prices.

NZD/USD drops further towards 50-DMA at 0.6832

Currently, the NZD/USD pair trades -0.64% lower at 0.6838, having tested 50-DMA supported in the last hour. The Kiwi extends its bearish run into a fourth day today as the bulls were completely battered by the persistent risk-off moods spurred by tumbling oil prices.

Moreover, the NZD/USD pair failed to benefit from broad based USD weakness and now remains heavily offered as traders seek for safe-havens amid widespread cautiousness ahead of the crucial US non-farm payrolls data due later in the American session.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.6900/12 (daily high/ 5-DMA), above which it could extend gains to 0.6941/57 (Apr 22 high/ daily R3). To the downside immediate support might be located at 0.6832 (50-DMA) and from there to 0.6800 (round number).

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