NZD/USD: bears committing to the downside ahead of RBNZ

NZD/USD is currently trading better offered below the 200 sma on the 1hr sticks located at 0.7147 at the moment while spot oscillates in a fairly quiet start to the week at 0.7120, below the 0.7145 high.

for the day ahead, we have the Chinese trade balance while further into the week we await the RBNZ rate decision that has been tipped to cut interest rates which could weigh on the bird further having been sold off on last week's US nonfarm payrolls surprise.

Market wrap: nonfarm payrolls surprised us all - Westpac

NZD/USD levels

Analysts at Westpac offered a one day and one to three month outlook in NZD/USD. "The effects of the strong US payrolls data could linger, 0.7120 immediate support vulnerable.  The RBNZ’s easing cycle combined with the Fed tightening in December should push the NZD lower towards 0.69 during the months ahead, although recent BOE and BOJ easing have made the NZD even more attractive to global investment flows such that a test of 0.73 is possible first."