FxGrow Daily Technical Analysis – 20th Dec, 2016 By FxGrow Research & Analysis Team NZD Plunges on Stronger US Dollar, GDT in Mind NZD/USD depreciates further more as US dollar continues to strengthen further more after Fed Rate hike. The pair extends bearish momentum for the fifth consecutive session, dropping from 0.7238 highs last Wednesday, landing on 0.6015 low today. Yesterday, ANZ business confidence was released with surplus of 1.2 to 20.5 in previous sessions but it didn't support NZD facing strong greenback. The main player on the ground still remains strong USD as the index managed to break the 103 level yesterday once again, currently trading at 103.19 intraday. Today, local GDT data will be released in the after noon with possibility of short-term-correction to support the Kiwi. The pair is currently trading 0.6919 intraday, below its weekly Pp 0.7049. Trend: Bearish Key levels to watch : Weekly Pp 0.7049 Resistance levels : R1 0.6952, R2 0.6993, R3 0.7051, R4 0.7084 Support levels : S1 0.6904, S2 0.6861, S3 0.6802, S4 0.6771 Remark : First today the GDT index to be released in the after noon, second q/q GDP tomorrow before midnight to give a further outlook for the New Zealand dollars. For more in depth Research & Analysis please visit FxGrow. Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.