- Kiwi fails to benefit from a recovery in risk sentiment amid higher Asian equities and a minor rebound in oil prices.
- Disappointing NZ consumer confidence data also weighing on the pair.
- Momentum has turned bearish, RSI falls below 50 and is biased lower.
- MACD shows bearish crossover on signal line and Stochs are biased lower.
- Focus remains on US housing starts and building permits scheduled for release later in the day.
- Support levels - 0.70, 0.6971 (Nov 24 low), 0.6951 (July 21 low), 0.69
- Resistance levels - 0.7066 (200-DMA), 0.7099 (20-DMA), 0.71, 0.7114 (5-DMA)
Recommendation: Good to sell rallies around 0.7040, SL: 0.71, TP: 0.70/ 0.6975/ 0.6950
FxWirePro's Hourly NZD Spot Index was at -73.1851 (Bearish), while Hourly USD Spot Index was at 54.6783 (Neutral) at 0445 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
