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NZD/USD chart - Trading View
NZD/USD was trading 0.38% lower on the day at 0.6935 at around 05:40 GMT, snapping a 3-day bullish streak.
Market sentiment remained sour amid China woes, anxiety over US stimulus and debt ceiling extension.
The Kiwi seems to have lost its momentum on reduced risk appetite and dismal economic data. Rising covid infections add to the downside bias.
The latest NZIER Quarterly Survey of Business Opinion (QSBO) showed Business Confidence fell to -11% vs +7% in Q3 whereas the Capacity Utilisation came at 96.1% as compared to 94.9% in Q2.
Recovery attempts in the pair seem to be capped at daily cloud. Price action is set to extend grind lower in Sloping Channel pattern.
Focus now on the US ISM Manufacturing PMI and final reading of Markit PMI for September for further direction.
5-DMA is immediate support at 0.6918. Break below will see dip till 110-week EMA at 0.6864.
