NZD/USD bearish: targeting sub-0.70
|Currently, NZD/USD is trading at 0.7086, up 0.01% on the day, having posted a daily high at 0.7093 and low at 0.7083.
NZD/USD has continued to drift higher in a correction of the 0.7170 downside, despite further positive data from the US overnight. US ISM manufacturing survey rose from 51.9 to 53.2 (52.5 expected)." Producer sentiment has been boosted by oil prices and inventories are becoming less of a drag. Markit’s PMI was revised higher from 53.9 to 54.1," noted analysts at Westpac who noted that the kiwi is consolidating between 0.6970 and 0.7170 during the past week, "US payrolls data will dictate which bound it attracts to today."
NZD/USD 1-3 month:
"The US dollar has had an impressive rise since the US election and has potential to rise further during the months ahead, not least because the Fed will probably hike in December. Against that, the NZ economy is strong and dairy prices have risen. Overall we are left with a bearish outlook for NZD/USD, targeting sub-0.70," - Westpac
NZD/USD Levels
With spot trading at 0.7086, we can see next resistance ahead at 0.7092 (Hourly 100 SMA), 0.7093 (Daily High), 0.7097 (Weekly Classic R1), 0.7107 (Yesterday's High) and 0.7107 (Daily 20 SMA). Support below can be found at 0.7086 (Daily Open), 0.7083 (Daily Low), 0.7081 (Hourly 20 EMA), 0.7064 (Hourly 200 SMA) and 0.7043 (Yesterday's Low).
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