NZD/USD: focus is on the downside below 0.6930

Currently, NZD/USD is trading at 0.6928, down -0.01% on the day, having posted a daily high at 0.6933 and low at 0.6926.

Fed's Yellen: U.S. job market is strongest in nearly a decade; indications wage growth is picking up

NZD/USD remains in the offer and the momentum remains negative on the back of a strong dollar post the recent FOMC announcements. Today, Yellen underpinned the dollar's strength when suggesting jobs growth has improved and wages also.

Analysts at Westpac are looking at the next major multi-day target around the 0.6800 area. "Chartists will note the bearish neckline at 0.6975."

NZD/USD 1-3 month:

The analysts explained that they are focused on below 0.6930 now." The US dollar has had an impressive rise since the US election and has potential to rise further during the months ahead. The Fed's assertive tightening projections plus US fiscal expansion should maintain upside pressure on US interest rates and the US dollar. Against that, the NZ economy is strong and dairy prices have risen, but these forces are subservient to the US dollar's trend."

NZD/USD levels

Current price is 0.6929, with resistance ahead at 0.6929 (Yesterday's Low), 0.6930 (Daily Open), 0.6930 (Monthly Low), 0.6930 (Weekly Low) and 0.6933 (Daily High). Next support to the downside can be found at 0.6926 (Daily Low), 0.6908 (Daily Classic S1), 0.6859 (Daily Classic S2), 0.6845 (Weekly Classic S1) and 0.6787 (Daily Classic S3).

What has 2017 got in store fundamentally?