NZD/USD bears eye 0.6908, 11th April low

Ross J Burland FXStreet

Currently, NZD/USD is trading at 0.7031, up 0.01% on the day, having posted a daily high at 0.7039 and low at 0.7021.

New Zealand Visitor Arrivals (YoY): 3.1% (September) vs previous 5.8%

NZD/USD dropped yesterday and again today after the NZ Government announcement. "It should steady around the 0.7000 area, awaiting policy details," analysts at Westpac argued in respect to the NZ Government. NZ First will join the Labour Party, with support from the Green Party.

Forex today: on the more cautionary side following Hong Kong's sell-off, dollar down

NZD/USD 1-3 month:

Analysts at Westpac explained that if the RBNZ remains firmly on hold, as we expect, and the US dollar rises on delivery of a Fed interest rate rise in December, then NZD/USD could fall to 0.70 by year-end. (5 Oct)

NZD/USD levels

With the psychological level at 0.7000 hit, bears will now look to target 0.6908, 11th April low, on daily closes below the aforementioned handle. On a correction/reversal, 0.7080 and 0.7120 are resistances. Meanwhile, the RSI (14) is into oversold territory on the 4hr sticks and heading that way on the daily charts at 33 while price trades well below the moving averages.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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