NZD/USD is trading below 4H 200MA in Asia

• Kiwi is reporting losses below the 4H 200MA at press time.
• Global growth concerns and the resulting risk-off in equities likely put a bid under the USD on Friday.

The NZD/USD pair is on the defensive, as the American dollar is likely drawing bids on global growth fears.

The currency pair is currently trading just below the 4-hour 200-candle moving average (MA) of 0.6798, having convincingly breached the 200-day MA on Friday.

That decline below the long-term MA support was likely associated with the below-forecast China retail sales, industrial production numbers,

and declining European services and manufacturing surveys and the resulting risk aversion in the US equities.

The stocks, however, could regain some poise today as indicated by the 0.30 percent rise in the S&P 500 futures. As a result, the pair’s break below the 4-hour 200MA of 0.6798 could be short-lived.

That said, only a move above Friday’s high of 0.6862 would neutralize the immediate bearish outlook.

NZD/USD Technical Levels