After an initial dip to 0.6840 area, the NZDUSD pair regained some positive traction and was now seen building on the overnight late rebound from two-week lows.
December 13, GKFX – The pair extended last week’s retracement slide from near six-month tops and lost some additional ground on Wednesday. The pair broke through one-week old trading range support but managed to find some buying interest at lower level amid some renewed US Dollar selling.
A combination of factors – signs of easing US-China trade tensions and slowing inflationary pressure in the US, exerted some fresh downward pressure on the greenback and turned out to be one of the key factors extending some support to the major.
The USD bulls held on the defensive and kept pushing the pair higher through the Asian session on Thursday. Bulls largely shrugged off NZ Treasury’s forecast for slower economic growth, and a smaller surplus, and rather took cues from the annual average wage growth forecast of more than 3% a year during the next five years.
It would now be interesting to see if the pair is able to build on the intraday positive momentum or continues with its struggle to sustain above the 0.6900 handle amid absent relevant market moving economic releases on Thursday.
NZDUSD Technical Outlook
Today Last Price: 0.6872
Today Daily change: 14 pips
Today Daily change %: 0.204%
Today Daily Open: 0.6858
Previous Daily SMA20: 0.6852
Previous Daily SMA50: 0.6692
Previous Daily SMA100: 0.6669
Previous Daily SMA200: 0.6852
Previous Daily High: 0.6901
Previous Daily Low: 0.6825
Previous Weekly High: 0.697
Previous Weekly Low: 0.6846
Previous Monthly High: 0.6887
Previous Monthly Low: 0.6514
Previous Daily Fibonacci 38.2%: 0.6854
Previous Daily Fibonacci 61.8%: 0.6872
Previous Daily Pivot Point S1: 0.6822
Previous Daily Pivot Point S2: 0.6785
Previous Daily Pivot Point S3: 0.6745
Previous Daily Pivot Point R1: 0.6898
Previous Daily Pivot Point R2: 0.6938
Previous Daily Pivot Point R3: 0.6974
This article was provided by GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.