NZD/USD: greenback taking the bird to fresh lows in strong reversal

Ross J Burland FXStreet

Currently, NZD/USD is trading at 0.7123, down -0.21% on the day, having posted a daily high at 0.7140 and low at 0.7109.

NZD/USD has been suffering the resurgence in the greenback, with the DXY penetrating the 98.80 resistance overnight, trading at a nine-month high along with US 10yr treasury yields that rose sharply from 1.72% to 1.77% on the back of the release of the strong manufacturing PMI report. For the day and week ahead, we are limited to NZ trade balance and interest will remain with the US schedule on the calendar, including a number of key releases this week.

US dollar index rises again but remains below 99.00

Analysts at Westpac suggested that the outlook for next 24 hours is with a strong US dollar that is going to be keeping NZD/USD contained, with a neutral bias today in the low 0.71’s. "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," added the analysts for a longer-term view.

NZD/USD levels

Meanwhile, Spot is presently trading at 0.7124, and next resistance can be seen at 0.7125 (Yesterday's Low), 0.7134 (Weekly Low), 0.7138 (Daily Open), 0.7139 (Daily Classic S1) and 0.7140 (Daily High). Next support to the downside can be found at 0.7115 (Daily Classic S2), 0.7109 (Daily Low), 0.7086 (Daily Classic S3), 0.7072 (Weekly Classic S1) and 0.7056 (Monthly 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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