NZD/USD: consolidating above fresh lows

By FXStreet FXStreet (Guatemala) – NZD/USD has headed into the US close on a firmer footing on the support of 0.6240 and heads towards the 20 SMA on the hourly chart at 0.6265.

The bears dominate within the recent downside from above 0.6440 and recovery attempts have been contained at the 50 SMA at 0.6289 today. Fundamentally, the greenback is in favour while commodity currencies are struggling in a bearish commodities sector and risk-off environment. The data today will be with NZ’s trade balance ahead of Durable goods orders from the US on Thursday.

NZD/USD levels

Technically, new lows have been made below 0.6250 while we enter a period of consolidation, with MACD neutral with RSI (14) heading into oversold territory on the same hourly time frame. Further out, the MA’s have a bearish bias and MACD is turning less negative on the 4hr. The pair remains offered while below 0.6470 50 DMA while near term resistances are 0.6314 and 0.6346 (20DMA).
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Source:: FX Street