FxWirePro: NZD/USD slips into daily cloud, further downside on charts
NZD/USD chart - Trading View
NZD/USD was trading 0.36% lower on the day at 0.7161 at around 07:25 GMT, outlook bearish.
Price action has slipped into daily cloud and has broken below 55-EMA, scope for further weakness.
Surge in U.S. dollar across the board after Powell's speech overnight has weighed on crosses across the board.
Reflation risks are likely to keep the NZD/USD depressed during the pre-NFP trading lull. Market caution likely to prevail.
Headline Nonfarm Payrolls (NFP) are expected to rise to 182K while the Unemployment Rate is likely to remain unchanged at 6.3%.
NZD/USD was trading weaker for the 3rd straight session. Momentum strongly bearish. Stochs and RSI are sharply lower.
Scope for dip till 100-DMA at 0.7046. Break below will see further downside. Focus on U.S. NFP data for impetus.