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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 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)
  • Market Data
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