NZD/USD: sold off hard in risk-off mode markets

NZD/USD is taking a turn for the worst, sold off its perch with supply coming in at 0.7295, capping the bird around the 1hr 200 sma again with offers on the 0.73 handle. 

Risk-off is the theme again with fears surrounding European banks coming to the forefront of the markets and despite having been lingering the background for some time such risks as Deutsche Bank are taking the headlines while the safe haven in the greenback is a firm bid across the board. NZD/USD is now testing the mid point of the 0.72 at time of writing.

OPEC marks its first cut in production since 2008 – Deutsche Bank

NZD/USD levels

With spot trading at 0.7251, we can see next resistance ahead at 0.7271 (Hourly 100 SMA), 0.7274 (Daily Classic PP), 0.7276 (Hourly 20 EMA), 0.7280 (Weekly Classic PP) and 0.7284 (Daily Open). Support below can be found at 0.7250 (Daily Low), 0.7244 (Weekly Low), 0.7243 (Daily Classic S1), 0.7233 (Yesterday's Low) and 0.7220 (Monthly Low). Looking to candlestick patterns, we can see a Dark Cloud Cover formation on the 1-hour chart and a Piercing Line formation on the 4-hour chart.

NZD offers highest real yield while NOK offers the lowest - BTMU