FxWirePro: NZD/USD recovery rejected at 0.7345, bias lower, stay short
12 September 2016, 08:09
0
76
- 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.
