NZD/USD extends slide below 0.6100 as US dollar consolidates gains

US dollar gains versus most of G10 currencies as Wall Street losses momentum.
NZD/USD is still bullish but unable to break critical resistance.

Matías Salord FXStreet

The NZD/USD pair broke below 0.6100 and fell to 0.6080, reaching the lowest in two days. The pair is holding below 0.6100, on negative territory for the second day in a row but up more than 150 pips for the week.

A stronger US dollar versus majors boosted further the ongoing correction in NZD/USD. The DXY is up 0.45% on Friday, as it continues to recover from the three-week lows it hit on Thursday.

Risk aversion earlier also affected the kiwi. Increasing risk of more tensions between the US and China weighed on market sentiment.

Technical outlook

The rally that started on Monday from weekly lows near 0.5900 ran into resistance at 0.6150 and lost strength. The NZD/USD is now making a bearish correction, so far, limited.

Technical indicators and the chart remains biased to the upside, particularly while above the 0.6060 area (20-day moving average). However, in order to clear the way to more gains, NZD/USD has to break and consolidate above the 0.6150 region.

Since early April, the pair has been moving sideways around 0.6050, with support above 0.5900 and resistance at 0.6150.

NZD/USD

Overview
Today last price	0.6091
Today Daily Change	-0.0023
Today Daily Change %	-0.38
Today daily open	0.6114

Trends
Daily SMA20	0.6062
Daily SMA50	0.5994
Daily SMA100	0.6225
Daily SMA200	0.6323

Levels
Previous Daily High	0.6151
Previous Daily Low	0.6105
Previous Weekly High	0.6157
Previous Weekly Low	0.5921
Previous Monthly High	0.6176
Previous Monthly Low	0.5843
Daily Fibonacci 38.2%	0.6123
Daily Fibonacci 61.8%	0.6133
Daily Pivot Point S1	0.6096
Daily Pivot Point S2	0.6077
Daily Pivot Point S3	0.605
Daily Pivot Point R1	0.6142
Daily Pivot Point R2	0.6169
Daily Pivot Point R3	0.6188

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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