NZD/USD: bulls losing grip below the 21-D SMA

Kiwi toppled, as headlines have come with news whereby the Trump administration is reportedly planning to publish a list of 'new' tariffs that are to be imposed on $200 billion worth of Chinese goods.
NZD/USD Support comes as 0.6770 and resistance comes as 0.6860.

Ross J Burland FXStreet

NZD/USD is currently trading at 0.6820 with a high of 0.6842 overnight made in NY, being hit up upon fresh trade war angst headlines that are hurting the commodity sectors and commodity-FX.

From recent trade, headlines have come with news whereby the Trump administration is reportedly planning to publish a list of 'new' tariffs that are to be imposed on $200 billion worth of Chinese goods. This comes ahead of the NATO meetings that will take place this week in Wales where Trump has already started to set out his demands even before he boarded his flight, threatening to reduce U.S. military support if allies do not increase spending, pushed for the 28 other NATO members to spend more money again on Tuesday.

Kiwi is drifting awaiting directional signals

Meanwhile, and in the main, the kiwi is drifting a little at the moment as it waits for clearer directional signals, as analysts at ANZ Bank New Zealand Limited explained, "Fewer trade headlines over the past few days have given risk appetites a mild boost, but the NZD has not really joined in the rally, with it looking capped around 0.6860 for now."

NZD/USD levels

Support comes as 0.6770 and resistance comes as 0.6860 (21-D SMA 0.6859). 0.6920 is a line in the sand, that if broken, puts the bulls back in control and the June highs will be up for grabs. However, bulls really need to get above the 200-month moving average resistance at 0.7007. 0.6783 is where the 10-D SMA is located, back in the descending channel, a few pips above last week's closing daily stick's low.

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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