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NZD/USD downside risk mounting

FXStreet (Barcelona) - NZD/USD is trading at 0.7885, down -0.13% on the day, having posted a daily high at 0.7905 and low at 0.7884.

The NZD/USD is testing the 0.79 mark after a steady climb that started last week. However, things could well resume towards a bearish bias in the pair as the week unfolds. Commodity prices are stabilising and European markets are back to business post the ECB stress test finalising a non-negative outcome for markets. A pause in the pair may come about as a result of some improvements in global factors. However, in respect of the Fed this week, analysts at ANZ suggested that it will likely retain it's dovish forward guidance in recognition of the instability in global financial markets.

NZD/USD noteworthy levels

With spot trading at 0.7886, we can see next resistance ahead at 0.7886 (Hourly 100 SMA), 0.7894 (Daily Classic R1), 0.7896 (Weekly Classic PP), 0.7905, 0.7933 (R2) and 0.7982 (R3). Support below can be found at 0.7881 (Hourly 20 EMA), 0.7845 (Daily Classic PP), 0.7757 (S2) and 0.7718 (S3).

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