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NZD/USD chart on Trading View used for analysis
- NZD/USD recovery capped at 5-DMA, bias remains bearish.
- The pair has slipped below 38.2% Fib and finds next major support at daily cloud top at 0.6689.
- Antipodeans under pressure amid risk-off market profile. Scope for further weakness.
- Also, technical indicators have shown a sharp switch in trajectory. RSI and Stochs are sharply lower. Volatility is rising and MACD supports weakness in the pair.
- Focus on U.S. GDP and PCE data for further impetus. Political turmoil and probability of Government shutdown weighs.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-slips-below-382Fib-kiwi-dented-on-dismal-NZ-Q3-GDP-and-risk-off-market-profile-1475732) is progressing well.
Recommendation: Hold for targets.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
