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.

Omkar Godbole FXStreet Contributor

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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD challenges 1.1800, two-week lows

EUR/USD remains on the defensive, extending its leg lower to the vicinity of the 1.1800 region, or two-week lows, on Tuesday. The move lower comes as the US Dollar gathers further traction ahead of key US data releases, inclusing the FOMC Minutes, on Wednesday.

GBP/USD looks weaker near 1.3500

GBP/USD adds to Monday’s pessimism and puts the 1.3500 support to the test on Tuesday. Cable’s marked pullback comes in response to extra gains in the Greenback while disappointing UK jobs data also collaborate with the offered bias around the British Pound.

Gold loses further momentum, approaches $4,800

Gold recedes to fresh two-week troughs around the $4,800 region per troy ounce on Tuesday. The precious metal builds on Monday’s downtick following a marked rebound in the US Dollar and mixed US Treasury yields across the board.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.