Note

NZD/USD Price Analysis: Breaks weekly support line to refresh intraday low under 0.6450

· Views 1,800
  • NZD/USD stretches pullback moves from 0.6481 to revisit Tuesday’s lows.
  • Downbeat New Zealand GDP joins weaker than expected Aussie employment data and PBOC rate cut to weigh on the quote.
  • A falling trend line from June 11 guards immediate upside.

NZD/USD drops to 0.6430, following the slump to the intraday low of 0.6422, during the initial trading session on Thursday. The kiwi pair prints 0.45% losses after it broke an immediate support line following the Australian jobs report for May. Earlier during the day, the rate cut by the People’s Bank of China (PBOC) and downbeat New Zealand Q1 GDP exerted downside pressure on the pair.

Considering the mix of technical and fundamental factors suggesting further weakness of the quote, the weekly low of 0.6380 becomes an immediate target for the sellers.

However, 50% and 61.8% Fibonacci retracement of May 27 to June 10 upside, respectively near 0.6365 and 0.6315, might challenge the bears afterward.

Meanwhile, the pair’s pullback beyond 0.6450 could push it towards the one-week-old resistance line, at 0.6500 now.

In a case, the buyers manage to dominate past-0.6500, the monthly high of 0.6585 will pop-up on their radars.

NZD/USD four-hour chart

NZD/USD Price Analysis: Breaks weekly support line to refresh intraday low under 0.6450

Trend: Further downside likely

Additional important levels

Overview
Today last price 0.643
Today Daily Change -29 pips
Today Daily Change % -0.45%
Today daily open 0.6459
Trends
Daily SMA20 0.6351
Daily SMA50 0.6168
Daily SMA100 0.6178
Daily SMA200 0.6321
Levels
Previous Daily High 0.6477
Previous Daily Low 0.643
Previous Weekly High 0.6585
Previous Weekly Low 0.6394
Previous Monthly High 0.6241
Previous Monthly Low 0.5921
Daily Fibonacci 38.2% 0.6459
Daily Fibonacci 61.8% 0.6448
Daily Pivot Point S1 0.6433
Daily Pivot Point S2 0.6408
Daily Pivot Point S3 0.6386
Daily Pivot Point R1 0.6481
Daily Pivot Point R2 0.6503
Daily Pivot Point R3 0.6528

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

Hey

-THE END-