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NZD/USD chart on Trading View used for analysis
- New Zealand unadjusted monthly trade deficit widened $90m in September to $1,560m, hits new record.
- NZD/USD has pared losses and edged higher from session lows at 0.6502, but poor showing in equities likely to keep upside capped.
- The pair's bearish bias remians intact as long as 5-DMA resistance holds.
- Break above 5-DMA could see test of channel top at 0.66. Bearish invalidation only on channel breakout.
- On the flipside, next major support lies at 0.6425 (lower BB) ahead of 0.6424 (Oct 8 low).
- Focus now on U.S. Q3 GDP data for further impetus.
Support levels - 0.6425 (lower BB), 0.6424 (Oct 8 low)
Resistance levels - 0.6548 (5-DMA), 0.66 (55-EMA and channel top)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
