NZD/USD early bids struggle ahead of hourly 20 SMA

FXStreet (Guatemala) - NZD/USD is currently trading at 0.6353 as early Asian bids from lows of 0.6334 start to find some resistance ahead of the 20 SMA.

NZD/USD has been pressured at the start of this week, with the ANZ business confidence numbers coming in as a big disappointment at -29.1 vs -15.3 previous and a consecutive poor display of the data. This, along with a firm greenback on a week that holds the Nonfarm Payrolls that is tipped to print encouraging numbers vs a backdrop of positive sounding Central Bankers at the Fed ahead of the September rate decision, sentiment continues to be on the downside for the bird.

NZD/USD ahead of GDT auction

Meanwhile, in London tonight, we have the GDT prices. The auction comes after reports that Fonterra is stepping up in to support a struggling industry by offering interest free loans to NZ dairy farmers of 50 cents (NZ) for every kilogram of share-backed milksolids produced from June 1 to Dec 31 this year, and key to the arrangement is that the loans will be interest-free until May 31, 2017.

NZD/USD MACD turning neutral

NZD/USD remains under pressure below 0.6708 downtrend of the 21st August while the 200 SMA is moving lower at 0.6447 today on the 30-min sticks of which capped last week's minor recovery to 0.6505. The 50 DMA on the hourly is at 0.6427 today on a greater divergence to the downside from 200 SMA with MACD beginning to stabilize, turning less negative territory on the hourly chart.