FxWirePro: NZD/USD finds minor support at 0.6680, bias lower, on track to test 200-DMA
NZD/USD downside intact, pair likely to test 200-DMA at 0.6650. Break below could accentuate weakness. US dollar to keep upbeat momentum post hawkish Yellen comments which raised Fed rate hike bets. On the other hand, co…
NZD/USD downside intact, pair likely to test 200-DMA at 0.6650. Break below could accentuate weakness.
US dollar to keep upbeat momentum post hawkish Yellen comments which raised Fed rate hike bets.
On the other hand, commodities struggling to keep upside momentum, denting scope for upside in the Kiwi.
Technically the pair finds minor support by trendline at 0.6680, break below will see test of 200-DMA at 0.6650.
Break below 200-DMA could accentuate weakness, raises scope for test of next major support by 0.6485 (trendline).
On the NZ calendar we have: business confidence (ANZ,Tue), as well as a growth gauge (also contains inflation expectations components), the GDT dairy auction is on Wed.
The US calendar is more important, May non-farm payrolls on Fri posing downside risks for the US dollar.
Recommendation: Good to short break below 0.6680, SL: 0.6740, TP: 0.6650/0.66/0.6575
