FxWirePro: NZD/USD recovery rejected at 0.7345, bias lower, stay short

12 September 2016, 08:09
Eko Rediantoro

  • Ongoing uncertainty over the US interest rates outlook amid a slew of mixed Fed speaks, leaves the investors confused.
  • Kiwi bears in control for the third straight session, NZD/USD recovery attempts rejected at session highs by 0.7345.
  • Sentiment around the higher-yielding currency remains sour amid tumbling global equities as well as commodities’ prices.
  • Chinese data along with NZ GDP scheduled for release later this week to have a major influence on the pair.
  • Major support levels - 0.7298 (20-DMA), 0.7294 (23.6% Fib), 0.7208 (50-DMA), 0.720 (trendline)
  • Major resistance levels - 0.7345 (session high), 0.7380 (5-DMA), 0.74, 0.7413 (Sept 9 high)
  • Our previous call (http://www.econotimes.com/FxWirePro-NZD-USD-bias-turns-bearish-on-break-below-5-DMA-good-to-sell-rallies-278363) is progressing.
  • We recommend holding for targets. 

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