NZDUSD: Bears Target 0.6480

NZDUSD started on positive foot the week trading at 0.6510 at the daily high. The previous week the pair retreated from two month high at 0.6675. The US Dollar took advantage of improving risk sentiment and above estimates JOLTS jobs openings. Markets increased bets for an 85% chance of a Fed interest rate cut by August, with a total of three cuts priced by May 2020. Investors were also on the round that the Reserve Bank of New Zealand will soon announce another rate cut as a fundamental weakness in the New Zealand economy persists.

NZD dollar today trades in 20 pips range. The momentum is bearish as the price hovers below all the major hourly moving averages and only a break above 0.6536 the 50 hour moving average can attract some bids that might drive the price up to the next resistance at 0.6557. On the downside immediate support stands at 0.6480 the May low, which if broken might accelerate the slide further towards 0.6460 the low from October 2018.