NZD/USD trims losses as it rebounds from 11-day lows
|- NZD/USD is down for the third-day in-a-row, holds bearish bias.
- New Zealand Dollar among worst performers despite higher equity prices in Wall Street.
The NZD/USD pair dropped further and bottomed at 0.6332, the lowest level since October 17. During the last hour it moved off lows and as of writing trades at 0.6345, modestly lower for the day, on its way to the third consecutive slide.
The Kiwi is also lower against commodity and main European currencies despite the improvement in risk sentiment supported by optimism around US/China trade talks. Market activity will return to normal on Tuesday after today’s holiday.
The DOW JONES is up 0.42% while the NASDAQ gains 0.92%. US yields are rising further with the 10-year now at 1.86%, the highest since September 16. Yields contribute to strengthen the USD/JPY. The Japanese Yen and the Kiwi are both down across the board.
Technical outlook
Price continues to move within a descendant short-term channel with the upper limit at 0.6355/60; a break higher will likely ease the bearish pressure. On the downside, 0.6330 (lower limit) could offer support during the American session; if it drops below the slide could gain momentum; below the next support, level might be seen at 0.6318, 0.6300 and 0.6280.
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