NZDUSD Rebounds From Two-Week Lows to 0.6900


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.

Fundamental Highlights

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

Trends:

    Previous Daily SMA20: 0.6852

    Previous Daily SMA50: 0.6692

    Previous Daily SMA100: 0.6669

    Previous Daily SMA200: 0.6852

Levels:

    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

Disclaimer

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.

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