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NZD/USD consolidates a touch below the 200 dma at 0.7089

Currently, NZD/USD is trading at 0.7061, up 0.06% on the day, having posted a daily high at 0.7069 and low at 0.7057.

NZD/USD has been in a phase of consolidation and remains in neutral in early Asia without anything significant on the cards in respect of events for the Asian shift. Durable goods orders preview: looking for a pick-up - Nomura We do however have durable goods from the US that is expecting to pick up for the month of October, ahead of the Dec 14/15th FOMC meeting where markets are pricing in a rate hike by 100% according to the Fed funds futures. Don't believe the hype, and get real: the Fed will not hike in December and here is why ...

Meanwhile, analysts at Westpac offered NZD/USD in a 1-3 month outlook as follows: 

"The US dollar has had an impressive rise since the US election and has potential to rise further, not least because the Fed will probably hike in December. Against that, the NZ economy is strong and dairy prices have risen. Overall we are left with a bearish outlook for NZD/USD, targeting sub-0.70. Technicals suggest as low as 0.66 could be seen, courtesy of the head-and-shoulders break below 0.7060."

NZD/USD levels

With spot trading at 0.7061 and below the 200 dma located at 0.7089, we can see next resistance ahead at 0.7069 (Daily High), 0.7088 (Yesterday's High), 0.7093 (Hourly 200 SMA), 0.7097 (Daily Classic R1) and 0.7099 (Weekly High). Support below can be found at 0.7058 (Hourly 20 EMA), 0.7057 (Daily Open), 0.7057 (Daily Low), 0.7053 (Weekly Classic PP) and 0.7052 (Hourly 100 SMA).

 

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