NZDUSD at intraday low, further downside is possible?
“NZDUSD relinquished as investors expects Fed to raise interest rates further.”
Kiwi extended its losses towards intraday low due to broad selloff that is linked to optimism that surrounds US Federal Reserve. In addition, fears towards China and European economic progression due to domestic factors has also geared up for higher demand towards the safe-haven greenback. For the time being, investors will place their attention upon upcoming economic data from the US to further gauge the likelihood for a large rate hike from the Feds.
Quick recap on NZDUSD
The pair is geared towards the downside as it remains subjected to bearish pressure and 200-MA line.
NZDUSD Weekly Technical Analysis
From weekly perspective, NZDUSD extended its losses as it fails to extend previous rebound from the downside.
NZDUSD Daily Technical Analysis
From daily perspective, the pair is expected to advance towards the direction of 0.5850, one of the key support levels to look out for.
ORDER: SELL STOP
STOP LOSS: 0.5900
Target 1: 0.5750
Target 2: 0.5700
ZFX Analyst’s Comment
Based on our observations, we expect the pair to continue its bearish tilt, whilst a confirmation will be required from the nearest support level.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
ZFX (Zeal Capital Market) is an FCA & FSA licensed online Forex & CFD broker providing more than 100 products for Forex, commodities, stock indices, and share CFDs. Open a trading account with min. USD 50 deposit and download our MT4 trading platform now!