- NZD/USD breaks below 100-DMA at 0.7147 to hit fresh 4-week lows of 0.7125, intraday bias lower.
- Kiwi extends weakness after market pricing for a Nov OCR cut has eased after upbeat NZ business confidence data.
- Markets await US non-farm-payroll figures for further momentum.
- The lead indicators - PMI employment sub-indices, US consumer confidence, jobless claims – all point to a possibility of an upbeat NFP figure.
- Technicals are bearish, we see scope for further downside, test of 0.7086 levels likely.
- Major support levels - 0.7086 (Aug 8 lows), 0.70, 0.6969 (June 16 and 24 low), 0.6951 (July 21 low)
- Major resistance levels - 0.7147 (100-DMA), 0.7190 (5-DMA), 0.72, 0.7235 (trendline)
Reommendation: Good to sell rallies around 0.7150, SL: 0.7235, TP: 0.7086/ 0.70/ 0.6969
