NZD/USD Price Analysis: Drops further below 0.6000 on Chinese statistics
|- NZD/USD refreshes intraday low after China Retail Sales drop below expectations.
- Thursday’s low on the bears’ radar, a confluence of 100-HMA, weekly resistance line guards recovery moves.
NZD/USD drops the intraday low of 0.5987, down 0.27% on a day, after China’s Retail Sales disappointed Kiwi traders on early Friday.
China’s Retail Sales slipped below -7.0% forecast to -7.5% whereas Industrial Production grew more than 1.5% expected to 3.9% in April.
Read: China’s April data dump: Mixed Retail Sales and Industrial Production numbers – Aussie revisits lows
The pair currently aims to revisit the weekly low surrounding 0.5955 during the further declines. However, a descending trend line from May 12, close to 0.5930, followed by April 23 low near 0.5910, can lure the bears afterward.
On the contrary, a confluence of 100-HMA and a falling trend line from May 11 keeps the pair’s immediate upside guarded around 0.6045/50.
Should buyers manage to cross 0.6050, May 12 high near 0.6123 can return to the charts.
NZD/USD hourly chart
Trend: Bearish
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