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FxWirePro: NZD/USD struggles at 20-DMA, further upside only on break above

  • Kiwi underperforms despite the air of hawkishness from the RBNZ, dented after NZ fin min says changes to RBNZ mandate could mean looser policy.
     
  • Further, weak retail electronic card retail sales data dents the bird. NZ Oct Electronic Card Retail Sales m/m slipped to 0.3%, below expectations at 0.6%.  
     
  • NZD/USD breaks below 5-DMA, hits session lows at 0.6921 before paring some losses to currently trade at 0.6943 levels.
     
  • Broad-based USD weakness on concerns over corporate tax cuts delays support the pair higher, keeping downside limited.
     
  • Technical studies are bullish, break above 20-DMA at 0.6953 could see further upside.
     
  • While on the flipside, 5-DMA at 0.6933 is immediate support and we see weakness on break below.

Support levels - 0.6933 (5-DMA), 0.69, 0.6818 (double bottom), 0.68

Resistance levels - 0.6965 (20-DMA), 0.6968 (May 3rd high), 0.7038 (38.2% Fib of 0.61968 to 0.7558 rally)

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -65.7435 (Neutral), while Hourly USD Spot Index was at -61.3335 (Neutral) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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