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NZD/USD chart on Trading View used for analysis
- NZD/USD is trading in an extremely narrow range on the day, bias remains bearish.
- The pair has retraced below 200-DMA on Friday's trade as traders fear a growing global economic slowdown.
- Technical indicators support weakness in the pair, Stochs and RSI are sharply lower.
- Major risk events for the pair this week could significantly influence price action.
- Makets await FOMC interest rate desciion (Wed), where the US Fed is widely expected to hike interest rates one last time in 2018.
- Analysts expect that the Fed will probably remove more of its forward guidance to increase its flexibility, with emphasis on data dependence.
- The Fed funds rate futures continue to price the chance of a rate hike this week around 75% with a March 2019 rate hike given a 30% chance.
- If the Fed retains hawkish bias, squashing expectations of 2019 rate hike pause, we could see major weakness in the pair.
- New Zealand Q3 GDP figures (due Wed) will drive price action if there is any significant surprise. Markets expect Q3 GDP to edge lower to 0.6% from 1.0% in the previous quarter.
- Next major support lies at 0.6755 (nearly converged 55 and 110 EMAs), while retrace above 200-DMA to see upisde resumption.
Support levels - 0.6761 (38.2% Fib), 0.6755 (nearly converged 55 and 110 EMAs)
Resistance levels - 0.6827 (21-EMA), 0.6842 (200-DMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
