Short-Term Forex Technical Outlook: NZD/USD

Currency Pair: NZD/USD
Chart: 60 Min Charts
Short-Term Bias: Bearish

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. The NZDUSD continued to hold within a downward trending channel over the week, and reached a low of 0.5196 during yesterday's trading session. The break below the 10/27 low suggests that investors remain bearish against the high-yielding New Zealand dollar, and we may see the pair work its way towards the bottom of the channel over the following week. However, the divergence from the 120 SMA suggests that the pair may higher over the next few hours of trading, but the lack of risk appetite amongst investors continues to favor a bearish outlook for the pair.

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