NZD/USD struggles below 0.67 handle, further downside likely

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
The New Zealand dollar edged down to 0.6690, from a one-month peak of 0.6787 set on Friday. Gains in the pair were capped at 0.6787 (76.4 % Fibo of Fib of Oct-Nov slide).

The pair is on the day struggling at the 0.67 handle. Breaks below cloud top support at 0.6667 could take the pair to 0.6650 (daily Tenkan) and further below to 0.66 levels.

Resistance was found around 0.6787 (76.4 % Fibo of Fib of Oct-Nov slide) ahead of 0.6800 (Oct 26 high).

Stochs are at overbought and show a bearish crossover, RSI is also biased lower. We see further downside in the pair and would hold on to our short position

Chinese macro releases and the key RBNZ rate decision scheduled later this week likely to influence the pair. Markets are pricing in around a 50% possibility of rate cut to 2.50% on Thursday, on the back of softer inflation outlook and lower dairy prices.


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