NZD/USD opens lower as it grinds through a correction; buyers target 0.8443

FXstreet.com (Barcelona) - The NZD/USD is easing lower as part of what appears to be a fourth wave correction / consolidation. Once the correction ends, another shot higher is expected – with a target of 0.8550.

NZD/USD traders have plenty of market-moving information to digest this week

This week’s data calendar for the US and New Zealand is as follows:

• Monday – US Conference Board Leading Indicators; US Existing Home Sales
• Tuesday – US September Employment Report;
• Wednesday – US Monthly Mortgage Apps; US Export Price Index; US Housing Price Index; New Zealand Trade Balance
• Thursday – US Weekly Jobless Claims; US Manufacturing PMI; US New Home Sales
• Friday – New Zealand Business Confidence; US Durable Goods; US University of Michigan Consumer Sentiment Survey

Technical outlook for NZD/USD

Technicians say NZD/USD is in a fourth-wave correction lower with targeted support at 0.8443. Short-term support on the way down to that level comes in at (minor) Fibonacci retracement support at 0.8472. Resistance for the cross comes in at 0.8500 with additional selling pressure likely to come in at the 10/17 peak at 0.8524.