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Kiwi recovered from fresh daily lows struck at 0.6742 in opening trades after release of NZ trade balance data.
- NZD/USD plunged almost 50 pips in a knee-jerk reaction to the poor NZ trade figures which revealed that the trade deficit unexpectedly expanded last month
- However, recovery remains weak on the back of persisting risk-aversion across Asia, falling oil and bullion likely to keep the bird undermined
- RBNZ (Thursday) will likely stay on hold, expected to take a dovish tone and could even talk down the currency afresh
- NZD/USD is currently trading at 0.6771, with immediate support at 0.6762 (5-DMA) and further below at 0.6741 23.6% Fib retrace Sep/Oct rise
- Major trendline resistance is located at 0.6785, daily Stochs and RSI point South, pair cloud resume downtrend
Recommendation: Good to sell rallies around 0.6775/80, SL: 0.6810, TP: 0.6740, TP2: 0.6710
