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NZD/USD tests 20-DMA at 0.7297, bias lower, stay short

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
214 0 5
Kiwi bears in control for the third straight session, NZD/USD             recovery attempts rejected at session highs by 0.7345.

The pair tests 20-DMA at 0.7297, bias lower, stay short.

Sentiment around the higher-yielding currency remains sour amid tumbling global equities as well as commodities’ prices.

Chinese data along with NZ             GDP scheduled for release later this week to have a major influence on the pair.

Major support levels - 0.7298 (20-DMA), 0.7294 (23.6% Fib), 0.7208 (50-DMA), 0.720 (trendline)

Major resistance levels - 0.7345 (session high), 0.7380 (5-DMA), 0.74, 0.7413 (Sept 9 high)

Our previous call (link below) has hit all targets. Close below 20-DMA to see test of 0.72 levels.

We recommend booking partial profits, lower trailing stop to 0.7350, target 0.7240/0.72.

On the flipside, failure to close below 20-DMA could see a bounce. Bearish invalidation above 0.7375.

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