- NZD/USD has been consolidating around the 21-hr SMA and travelling around the pivot with no particular bias one way or the other on the short term time frames.
- NZD/USD is currently trading at 0.6521 and within a range of between 0.6508/44.
NZD/USD has levelled out into a sideways chop and risk sentiment improved overnight stalling the downside trajectory although remains on fragile grounds as the greenback maintains its bullish bias.
“This cross slipped a touch overnight, with the USD generally stronger. Domestically, markets await the November MPS for more direction, with global developments likely to dictate moves in the interim. We retain a downwards bias for the direction of this cross,” analysts at ANZ Bank New Zealand Limited explained.
US GDP coming up
The pair will next contend with the US GDP data, and the consensus is 3.3% q-o-q annualised. Analysts at Rabobank explained that anything hotter or colder would see some serious market gyrations. Particularly if hotter, as that will fuel the Fed’s concerns.
NZDUSD levels
- Support 0.6460
- Resistance 0.6620
To the downside, bears can now target a break below 0.6505 with closes that opens S3 located down at 0.6459 and the 23.6% Fibo (20th Sep/7th Oct range) found at 0.6489. to the upside, a break of the descending channel’s resistance line and 0.66 the figure opens the room to 0.6634 as the 76.4% Fibo target, (20th Sep/7th Oct range).
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