NZD/USD: downside played out on bearish global fundametals

By FXStreet FXStreet (Guatemala) – NZD/USD is currently trading at 0.6295 with a high of 0.6330 and a low of 0.6271.

NZD/USD has extended the downside with the greenback taking up the best seat in the house on comments from Fed speakers signalling that a rate hike is coming soon. Risk is waning once again, with equities lower and also commodities feeling further downside pressures.

The IMF continues to warn that China is a risk to Global growth. We are awaiting the NZ trade balance tomorrow and durable goods orders from the US on Thursday. Housing data was strong today fro the US as well, 0.6% M/M n the price index vs 0.4% expected.

NZD/USD levels

NZD/USD bears have extended the downside and is trading below the 0.6336 level and 200 SMA with the 20 SMA extending down below the 50 SMA on the hourly time frames and 50 SMA now looking to cross below the 200 SMA where demand has come in with MACD negative readings decreasing. The 0.6250 area and lows of earlier in the month are now coming into sight.
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Source:: FX Street