has been pressured below the 20 SMA on the hourly chart after a robust start to
the week in Asia, despite the troublesome data from China and continued negative
outlooks and implications for commodity prices. Also, NZ
Finmin warns that RBNZ OCR will likely go down.
The upside
is capped by the looks of it in a more dollar friendly environment with the
impending Nonfarm Payrolls this week. We also head into year end next month
where the Fed may well make their move and make the first rate hike depending on
increased confidence that the inflation target of 2% will be met in the medium
term and the jobs market will continue to improve.
NZD/USD
levels
NZD/USD is glued to the 200 SMA on the hourly chart at
0.6750 and trades around the pivot of 0.6754 as well. There is no clear
indication on the technicals where this is heading while fundamentals do not
seem to support a bullish case as the price looks to simply consolidate with a
bearish bias in a very tight range while below the 200 DMA at 0.7006. A break
out of 0.6897 is required to relieve such a bearish bias while 0.6620 guards the
downside.
0
186