NZD/USD: greenback taking charge of the bird

Ross J Burland FXStreet

Currently, NZD/USD is trading at 0.7188, down -0.08% on the day, having posted a daily high at 0.7197 and low at 0.7182.

The greenback has made a comeback in recent sessions and has taken the bird off its perch from 0.7240 down to 0.7183 with continued pressure mounting as the US dollar presses on. Analysts at Westpac offered the NZD/USD in a bearish light after this reversal last night that dragged the NZD back below the critical 0.7230/40 resistance area. "Vulnerable to falling below 0.7180 today, with impetus from a rejuvenated US dollar.

NZD/USD levels

"NZD/USD 1-3 month: Targets 0.6950 or lower as long as the RBNZ cuts to 1.75% in November and the Fed tightens to 0.625% in December, as we expect. (13 Oct)," offered the analysts at Westpac.

Current price is 0.7189, with resistance ahead at 0.7194 (Daily Open), 0.7197 (Daily High), 0.7198 (Daily Classic S1), 0.7207 (Hourly 20 EMA) and 0.7224 (Daily Classic PP).

Next support to the downside can be found at 0.7187 (Daily 20 SMA), 0.7183 (Hourly 100 SMA), 0.7182 (Daily Low), 0.7182 (Yesterday's Low) and 0.7181 (Daily 100 SMA).

Market wrap: dovish ECB, waiting for December - Westpac

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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