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NZD/USD challenging the channel support line

FXStreet (Guatemala) - NZD/USD is trading at 0.8468, down -0.12% on the day, having posted a daily high at 0.8487 and low at 0.8467.

NZD/USD has popped lower through the sideways channels support line with bears feeling their way into the 0.8460’s on a 20 pip slide around much lower than forecasted Producer Price Index results. Meanwhile, Jim Langlands, analyst at FX Charts explained that the short term indicators are a little mixed and not offering much help. “The dailies are pointing higher, but we need to overcome 0.8500/10 fairly quickly, or the Kiwi is going to run out of steam and would then give the lower support another run for its money”.

NZD/USD hourly levels

Spot is presently trading at 0.8469, and next resistance can be seen at 0.8471 (Hourly 100 SMA), 0.8480 (Hourly 20 EMA) and 0.8487 (Daily High). Next support to the downside can be found at 0.8465 (Hourly 200 SMA).

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