NZD/USD breaks below 100-DMA, good to sell rallies
NZD/USD breaks below 100-DMA at 0.7147 to hit fresh 4-week lows of 0.7125, intraday bias lower.
Kiwi extends weakness after market pricing for a Nov OCR cut has eased after upbeat NZ business confidence data.
Markets await US non-farm-payroll figures for further momentum.
The lead indicators - PMI employment sub-indices, US consumer confidence, jobless claims suggest strong NFP figure.
Technicals are bearish, we see scope for further downside, test of 0.7086 levels likely.
Major support levels - 0.7086 (Aug 8 lows), 0.7026 (trendline), 0.70, 0.6969 (June 16 and 24 low)
Major resistance levels - 0.7147 (100-DMA), 0.7190 (5-DMA), 0.72, 0.7235 (trendline)
Good to sell rallies around 0.7150, SL: 0.7235, TP: 0.71/ 0.7086/ 0.7026/ 0.70
Kiwi extends weakness after market pricing for a Nov OCR cut has eased after upbeat NZ business confidence data.
Markets await US non-farm-payroll figures for further momentum.
The lead indicators - PMI employment sub-indices, US consumer confidence, jobless claims suggest strong NFP figure.
Technicals are bearish, we see scope for further downside, test of 0.7086 levels likely.
Major support levels - 0.7086 (Aug 8 lows), 0.7026 (trendline), 0.70, 0.6969 (June 16 and 24 low)
Major resistance levels - 0.7147 (100-DMA), 0.7190 (5-DMA), 0.72, 0.7235 (trendline)
Good to sell rallies around 0.7150, SL: 0.7235, TP: 0.71/ 0.7086/ 0.7026/ 0.70
NZD/USD edges higher from session lows at 0.7050.
Focus now on FOMC minutes.
Book partial profits, lower trailing stop to 0.7120