FxWirePro: NZD/USD holds above 20-day MA support, US NFP to decide further direction
NZD/USD spinning top formation seen on the daily candle till now. Pair is trading a narrow range, holding above 20-DMA support currently at 0.7233. Break below 20-DMA could see downside till 0.72 levels and further below…
NZD/USD spinning top formation seen on the daily candle till now.
Pair is trading a narrow range, holding above 20-DMA support currently at 0.7233.
Break below 20-DMA could see downside till 0.72 levels and further below to 50-DMA at 0.7174.
Fed hikes are data dependent and recent US data has been mixed across the board. U.S. nonfarm payrolls will be the key event risk, which could decide further direction in the pair.
China NBS PMI data was mixed, manufacturing PMI registered at 50.4 above expectations (49.9) in August, while non-manufacturing PMI declined to 53.5 from previous 53.9.
With the RBNZ putting o the breaks in respect to their easing bias, the Kiwi is likely to remain supported.
Techs are neutral for now. Focus on U.S. nonfarm payrolls due Friday for clues on direction.
