’Death Cross’ Signals N.Z. Dollar May Weaken: Technical Analysis
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The New Zealand dollar’s 50-day moving average fell below the 100-day moving average last month and has stayed under it, forming a so-called death cross that signals a risk of increasing weakness, according to Australia & New Zealand Banking Group Ltd.
The so-called kiwi may fall toward 73.35 U.S. cents which is the 38.2 percent retracement from the high on Aug. 1 to the low of March 2009 on a Fibonacci chart, said Tim Riddell, head of global markets research at ANZ Bank in Singapore.