NZD/USD technical analysis: Buyers step back from 0.6475/76 confluence after China data
|- China’s July month activity data disappoint Kiwi buyers.
- The NZD/USD pair takes a U-turn from 23.6% Fibonacci retracement and three-week-old resistance-line.
With China’s Industrial Production and Retail Sales lagging behind market consensus, NZD/USD witnesses pullback form near-term key resistance confluence as it trades near 0.6456 on early Wednesday.
China’s July month Industrial Production came in at 4.8% versus 5.8% expected while Retail Sales growth weakened to 7.6% against 8.6% forecast.
The pair now aims to revisit 0.6400 round-figure with 0.6425 being an intermediate halt. However, pair’s further declines will be limited to the monthly low of 0.6377, if not then 0.6350/45, including 2016 low, could grab sellers’ attention.
On the upside, a sustained break of 0.6475/76 enables the pair to aim for 0.6500 and monthly top surrounding 0.6590.
In a case buyers manage to dominate past-06590, 200-bar moving average at 0.6627 will be on their radar.
NZD/USD 4-hour chart
Trend: Bearish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.