NZD/USD drops for fifth consecutive day to hit lowest since June 3


  • NZD/USD has dropped below 61.8% Fib retracement.
  • New Zealand’s manufacturing activity grew at its slowest pace in more than six years in May.

NZD/USD is currently trading at session lows near 0.6533, representing 0.45% losses on the day.

The currency pair is flashing red for the fifth consecutive day and has found acceptance below 0.6558, which is the 61.8% Fibonacci retracement of the rally from 0.64816 to 0.66815.

The losses seen today could be associated with the disappointing New Zealand’s manufacturing data released in the overnight trade.

Manufacturing activity grew at its slowest pace in more than six years in May and barely remained in expansionary territory, according to the Bank of New Zealand-Business NZ performance of manufacturing index, which fell 2.5 points to 50.2.

Further, April’s reading was revised lower to 52.7 from 53.00 and the actual reading for May missed the estimate of 54.4.

The dismal data will likely reinforce dovish RBNZ expectations and keep the NZD on the defensive during the rest of the day. The pair, however, may trim losses if China’s retail sales and industrial production figures, due for release in few minutes, blow past expectations, strengthening demand for risk assets.

Technical Levels

NZD/USD

Overview
Today last price 0.6533
Today Daily Change -0.0037
Today Daily Change % -0.56
Today daily open 0.657
 
Trends
Daily SMA20 0.6561
Daily SMA50 0.662
Daily SMA100 0.6725
Daily SMA200 0.671
Levels
Previous Daily High 0.6589
Previous Daily Low 0.6555
Previous Weekly High 0.6682
Previous Weekly Low 0.6528
Previous Monthly High 0.6684
Previous Monthly Low 0.6481
Daily Fibonacci 38.2% 0.6568
Daily Fibonacci 61.8% 0.6576
Daily Pivot Point S1 0.6554
Daily Pivot Point S2 0.6538
Daily Pivot Point S3 0.652
Daily Pivot Point R1 0.6587
Daily Pivot Point R2 0.6605
Daily Pivot Point R3 0.6621

 

 

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