- NZD/USD extends sell-off on NZ GDP data miss, focus now on the US data releases due later in the NA session.
- Persisting risk-off amid increased uncertainty over global central banks’ action, also weighing on the higher-yielding currencies.
- NZD/USD intraday bias lower, holds strong support by 50-DMA at 74.08.
- Techs are bearishly aligned, Stochs and RSI biased lower, bearish MACD line crossover on signal line seen.
- Break below 50-DMA likely to see test of trendline at 72.90.
- Major support levels - 74.08 (50-DMA), 74, 73.27 (tripple bottom Sept 11, Aug 25,26), 73, 72.90 (trendline)
- Major resistance levels - 74.45 (20-DMA), 75.63 (5-DMA), 75, 75.85 (trendline)
Recommendation: Go short rallies around 74.45, SL: 75, TP: 74/ 73.25/ 73/ 72.90
