NZD/USD consolidated in 1 cent range ahead of key data releases

NZD/USD is currently testing the upside of the bearish sloping 200 sma on the 1hr sticks located at 0.7278.

NZD/USD has been in recovery mode within a broadly sideways price action within a narrow range between 0.7223 and 0.7330. The greenback has been mostly consolidated with a bullish bias as market get behind the reserve currency for its safe haven status while Wall Street was down on the back of risk aversion with renewed fears and concerns of Brexit and Germany's largest lender, Deutsche Bank. Meanwhile, we await the RBA today and a speech from the RBNZ's governor, Wheeler ahead of GDT dairy auction. There also a number of Fed speakers thsi week to add to Mester's hawkish comments overnight.  Fed speakers stacked up this week - UOB

NZD/USD levels

Analysts at Westpac suggest that NZD/USD is stuck in a 0.7220-0.7330 range for the day, but said to watch out for any surprise from the GDT dairy auction tonight."NZD/USD 1-3 month: Vulnerable to breaking below 0.7220 towards 0.6950 if the RBNZ cuts to 1.75% in November and the Fed tightens to 0.625% in December, as we expect. (3 Oct)."

With spot trading at 0.7277, we can see next resistance ahead at 0.7279 (Weekly Classic PP), 0.7281 (Hourly 200 SMA), 0.7288 (Daily High), 0.7290 (Daily 20 SMA) and 0.7291 (Yesterday's High). Support below can be found at 0.7274 (Daily Open), 0.7272 (Hourly 100 SMA), 0.7272 (Daily Low), 0.7271 (Hourly 20 EMA) and 0.7271 (Daily Classic PP).