NZD/USD: bears in control, aiming for 0.7105 on break out
|- NZD/USD: stuck in a consolidative range awaiting a catalyst.
- NZD/USD: technicals lean bearish, eyes on 0.7105 lows.
NZD/USD has been trading in a consolidative range between 0.7105 and a high of 0.7131. Currently, NZD/USD is trading at 0.7118, down -0.41% on the day, having posted a daily high at 0.7160 and low at 0.7106.
The bird opened the New York session at 0.7120 but came under pressure early in the day, capped by the descending 21-hr SMA as US 10- years rallied to touch the 3.00% mark boosting the greenback higher within its recent resurgence that has weighed on commodity-FX.
Risk sours, dollar drops but Kiwi can't catch a sustained bid
However, risk soured on Tuesday and Wall Street's benchmarks dropped below support levels, at the same time, the Kiwi bounced as the dollar and yields fell back but the bird was unable to gather momentum as the yen strengthened and NNZ/JPY anchors NZD/USD. There is no major data or event risk for the Kiwi in Asia today.
NZD/USD levels
Technicals lean bearish after a new low was set with the RSIs biased down and with an inverted hammer on the monthly sticks. The bears can target a break of 0.7105 down to 0.7070 before 0.7030. To the upside, the 100-D SMA is located at 0.7220.
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