Technical Analysis: Bias Bearish - Price action has failed to extend break above 21-EMA - Pair slips below 5-DMA, 5-DMA has turned south - Major EMAs are downward sloping and price below daily cloud - RSI below 50 and biased lower, MACD well below zero mark
Fundamental View: - Markets will be watching out for New Zeakand August business confidence data due later this week. - The Reserve Bank of New Zealand (RBNZ) has cited weak investment intentions as a reason for a more subdued outlook for the New Zealand economy. - RBNZ Gov Orr, at the Jackson Hole, reiterated that the central bank intends to hold policy rates low for an extended period of time which is likely to keep a lid on the Kiwi dollar.