FxWirePro: NZD/USD breaks below 38.2% Fib, bias bearish, stay short

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.