NZD/USD gives away gains and seeks support at 0.6400


  • NZD/USD pulls back from 0.6450 area and seeks support at 0.6400.
  • The kiwi loses ground with the USD bouncing up following upbeat US data.
  • Better than expected Chinese data had buoyed NZD’s demand during Asian and European trading.

The New Zealand dollar has reversed earlier gains on Monday, pulling back from 0.6440 highs to test support area at 0.6400. The kiwi has lost ground after a strong opening, with the US dollar appreciating across the board following better than expected US data.

 

Kiwi pulls lower as the US dollar rebounds

The NZD/USD has lost traction during the North American trading session with the greenback bouncing up after better than expected US data. Pending home sales have increased 44.3% in May following a 21.8% decline in April, beating expectations of a 19.7% increase. Beyond that, the Dallas Fed Manufacturing Index has improved to a level of -6.1 from 49.2 in the previous month.

Previously, the kiwi had appreciated on the back of the positive surprise of Chinese industrial profits, which showed a 6% increase in May, boosting hopes of a post-pandemic recovery, easing fears of a second coronavirus wave.

 

NZD/USD Approaching an important support level at 0.6380

From the technical point of view, a break below session lows at 0.6400 would expose 4-week lows at 0.6380 (June 15, 21 lows) before the 200-day SMA, at 0.6315. On the upside, immediate resistance lies at 0.6450 (session highs) and above here, 0.6530 (Jun 23 high) before 0.6585 (June 11 high).

 

NZD/USD key levels to watch

NZD/USD

Overview
Today last price 0.6414
Today Daily Change -0.0008
Today Daily Change % -0.12
Today daily open 0.6422
 
Trends
Daily SMA20 0.6449
Daily SMA50 0.6223
Daily SMA100 0.6177
Daily SMA200 0.6325
 
Levels
Previous Daily High 0.6451
Previous Daily Low 0.6402
Previous Weekly High 0.6534
Previous Weekly Low 0.6383
Previous Monthly High 0.6241
Previous Monthly Low 0.5921
Daily Fibonacci 38.2% 0.6421
Daily Fibonacci 61.8% 0.6432
Daily Pivot Point S1 0.6399
Daily Pivot Point S2 0.6376
Daily Pivot Point S3 0.635
Daily Pivot Point R1 0.6448
Daily Pivot Point R2 0.6474
Daily Pivot Point R3 0.6497

 

 

 

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