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NZD/USD chart on Trading View used for analysis
- NZD/USD trades 0.64% lower on the day, intraday bias lower. Antipodeans dented as risk sentiment sours.
- New Zealand unadjusted monthly trade deficit widened $90m in September to $1,560m, hits new record.
- Major trend in the pair is bearish. Pair is resuming grind lower after upticks were rejected at 55-EMA and channel top.
- Upside remains capped at 5-DMA resistance. Break above 5-DMA could see test of channel top at 0.66. Bearish invalidation only on channel breakout.
- On the flipside, next major support lies at 0.6423 (lower BB) ahead of 0.6424 (Oct 8 low).
- Focus now on U.S. Q3 GDP data for further impetus.
Support levels - 0.6425 (lower BB and Oct 8 low), 0.64, 0.63 (channel base)
Resistance levels - 0.6524 (5-DMA), 0.6598 (55-EMA and channel top)
Recommendation: Good to go short on rallies around 0.6480/90, SL: 0.6530, TP: 0.6425/ 0.64
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
