Tuesday, September 29, 2015

NZD/USD: risk-off flows and bears attacking the downside

FXStreet (Guatemala) - NZD/USD is currently trading at 0.6311 with a high of 0.6332 and a low of 0.6309.

NZD/USD is subject to supply in the risk-off mood in the markets. The bird is falling away from the 0.64 handle and is threatening an advance to the downside to test last session lows below 0.6300.

Equities have taken a hit again and commodities, especially the mining sector on the Glencore news, are all bearing the brunt of the bears and global uncertainties, as investors scramble to bonds, euro and the Yen, leaving the greenback to fend for itself and the antipodean currencies out to dry. The main focus in this respect today will the Chinese stock performances while we await further impetus from the data in the US and China later this week.

NZD/USD levels

Technically, the 200 SMA on the hourly and the 20 DMA at 0.6332 are key areas, while 0.6350 and 0.6380 are strong resistance levels. Daily MACD remains strong above the mid-line while supports below come at 0.6293 and 0.6250/77.
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