FxWirePro: NZD/USD slides on escalating Sino-US trade tensions, focus on US non-farm payrolls for further impetus

• NZD/USD extends slump, dives 0.58% on the day to trade at 0.6752 at the time of writing. 
   
• The antipodeans remain under pressure on escalating Sino-US trade tensions.
   
• The US President Trump proposed increasing the tariffs on Chinese imports to 25 percent from the initially proposed 10 percent duty. 
   
• China is expected to retaliate if the Trump administration goes ahead with a hike in tariffs, leading to further escalation of the trade war.
   
• Technical indicators support weakness in the pair. Stochs and RSI are biased lower.
   
• Bears eye minor trendline support at 0.6735. Break below will see test of 0.6743 (78.6% Fib) ahead of 0.6687 (July 3 low).
   
• On the flipside, 21-EMA is strong resistance at 0.6802. Break above could see upside till 0.6855.
   
• Focus now on US no-farm payrolls for further impetus.

Support levels - of 0.6743 (78.6% Fib), 0.6687 (July 3 low)

Resistance levels - 0.6794 (5-DMA), 0.6855 (23.6% Fib)

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -141.715 (Bearish), while Hourly USD Spot Index was at 94.2474 (Bullish) at 1015 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.