The New Zealand dollar fell to a six-year low against the U.S. dollar over the last 24 hours of trading, and may continue to move lower over the remainder of the trading session as risk aversion continues to drive price action in the forex market.
Currency Pair: NZD/USD Chart: 60 Min Charts Short-Term Bias: Bearish
Analysis Update
The NZDUSD fell lower over the last few hours of trading to support a bearish outlook for the pair. During the overnight session, the pair reached a high of 0.5348, but failed to break above the 10/27 low of 0.5350. The lack of momentum to push higher suggests that the pair will continue to slide lower over the near-term, and we may see the pair pull back towards the previous day’s low of 0.5196. Over the following week, I expect risk trends to drive price action in the forex market, and we may see the pair break lower as carry demands falter. However, the fundamental event risks scheduled for the next 24 hours may call for a change in our outlook.
Analysis
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