NZD/USD hammered down to the lowest level since May 2009, below mid-0.5900s


  • NZD/USD met with some aggressive supply amid a broad-based USD strength.
  • A solid rebound in the US bond yields helped revive the USD demand on Tuesday.
  • Technical selling below the 0.60 mark further aggravated the bearish pressure.

The NZD/USD pair extended its sharp intraday rejection slide from the 0.6100 neighbourhood and nosedived to near a decade low, below mid-0.5900s in the last hour.

The pair failed to capitalize on its early uptick to an intraday high level of 0.6096, rather came under some intense selling pressure and was being weighed down by some aggressive US dollar buying interest on Tuesday.

As investors digested the Fed's emergency decision to slash interest rates to zero and introduce a massive bond-buying program, the greenback regained some strong traction amid a goodish rebound in the US Treasury bond yields.

Meanwhile, a modest recovery in the global risk sentiment, which tends to drive flows towards perceived riskier currencies, including the kiwi, did little to impress bulls or stall the pair's sharp intraday slide of over 150 pips.

This coupled with possibilities of some short-term trading stops being triggered below the 0.6000 round-figure mark and a subsequent break through the overnight swing lows, around the 0.5980 region aggravated the bearish pressure.

Technical levels to watch

NZD/USD

Overview
Today last price 0.5947
Today Daily Change -0.0100
Today Daily Change % -1.65
Today daily open 0.6047
 
Trends
Daily SMA20 0.6277
Daily SMA50 0.6432
Daily SMA100 0.6471
Daily SMA200 0.6471
 
Levels
Previous Daily High 0.6151
Previous Daily Low 0.5985
Previous Weekly High 0.645
Previous Weekly Low 0.6005
Previous Monthly High 0.6504
Previous Monthly Low 0.6192
Daily Fibonacci 38.2% 0.6088
Daily Fibonacci 61.8% 0.6048
Daily Pivot Point S1 0.5971
Daily Pivot Point S2 0.5895
Daily Pivot Point S3 0.5804
Daily Pivot Point R1 0.6137
Daily Pivot Point R2 0.6227
Daily Pivot Point R3 0.6303

 

 

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