FxWirePro: NZD/USD takes support at 0.6358 (hourly 100-MA), bias still lower
The antipodeans struggled to make much headway on Monday on falling equities and persisting risk-off sentiment. The New Zealand dollar eased to $0.6364, from $0.6390 late on Friday, having been stuck in a well-defined ra…
The antipodeans struggled to make much headway on Monday on falling equities and persisting risk-off sentiment.
The New Zealand dollar eased to $0.6364, from $0.6390 late on Friday, having been stuck in a well-defined range of $0.6244 to $0.6458 seen so far this month
NZD/USD is currently trading near fresh session lows of 0.6367, having taken support at 0.6358 (hourly 100-MA)
Volumes however remain relatively low as Japanese traders are away on account of a national holiday
Also undermining sentiment was dairy exporter Fonterra's more than anticipated job cuts, due to a decline in dairy prices
Focus now on US economic data, including the existing home sales and wholesale inventories, due later in the NA session
Immediate support for the pair is seen at daily Tenkan by 0.6355, breaks below could see the pair at 0.6242 levels
On the upside resistance is seen at 0.6385 (4h Tenkan-Sen) ahead of 0.6389 (session highs Sept 21)
