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NZD/USD: downside recovery pressured

FXStreet (Guatemala) - NZD/USD is currently trading at 0.6312 with a high of 0.6400 and a low of 0.6299.

NZD/USD bears are chipping away at the downside and trades below the 200 SMA for a negative start to the week. The greenback is better bid across the board with risk-on and positive equities.

We are essentially back to square one, monitoring likely timings for a Fed hike before the year is out depending on data releases and improvements in Global market stability while the commodity sector and China may continue to weigh on the bird. The trade balance is coming out this week for NZ as the next focus having already received the Westpac consumer confidence at 106 vs previous 113.0.

NZD/USD levels

To the downside, NZD/USD has been testing the vicinity of the 20 DMA and now trades below that level of 0.6358. The 0.6250 area and lows of earlier in the month are now coming into sight. On a recovery, the 200 DMA stands at 0.7180 and guards the sideways channel between March and May business. 0.6700 is the first major target while first resistance comes at the pivot of 0.6401 ahead of R1 0.6460, then 0.6517 and 0.6576.

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