NZD USD Declined Sharply
10/20/2016 9:52:25 AM
NZD/USD pair retreated all of its gains and turned sharply lower, breaking three successive days of winning streak.
Currently trading around 0.7220 band, a broad based dollar strength, succeeding the 3rd and last US Presidential election debate that pointed towards a win for Hillary Clinton, caused the first leg of weakness for the pair.
Next in emphasis would be ECB monetary policy decision, which although might not directly influence the pair but would activate fickleness around the USD and finally provide some motivation for the pair.
From current levels, 0.7200 round figure mark appears to support instant weakness below which the pair is expected to aim towards 100-day SMA support near 0.7180 region and the corrective move could more get expanded towards 0.7165 horizontal support.
On the upside, 0.7240 area now becomes immediate obstacle, which if cleared is expected to boost the pair beyond session high persistence near 0.7265 level towards its next major persistence near 0.7300 handle.