NZD/USD Price Analysis: 50-day EMA test sellers as RBNZ’s Orr refrains from dovish talk

NZD/USD consolidates RBNZ-led losses near one-month low.
Sellers are in command but catching a breather following four-day losing streak.
Bulls will have to cross 0.6700 to regain the market’s confidence.

Anil Panchal FXStreet

NZD/USD extends the post-RBNZ pullback while taking rounds to 0.6550, intraday low of 0.6524, amid early Wednesday. While the Reserve Bank of New Zealand’s (RBNZ) expansion of the Large Scale Asset Purchases (LSAP) to New Zealand dollar 100 billion dragged the quote to the monthly low, the Governor’s modest statements licked wounds afterward.

Read: RBNZ’s Orr: NZ dollar appreciation has moderated returns for exporters

On a technical basis, the break of a three-month-old support line joins downbeat conditions of MACD and RSI to favor the sellers. However, the 50-day EMA level of 0.6518 offers immediate rest to the bears.

During the pair’s extended south-run below 50-day EMA, the pair may take a halt around 0.6500 before visiting the 0.6400 round-figures comprising 200-day EMA.

Meanwhile, the support-turned-resistance trend line stretched from March 19, at 0.6600 now, restricts the pair’s immediate upside ahead of a two-week-long falling resistance line near 0.6665 and July 31 top surrounding 0.6715.

NZD/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.6553
Today Daily Change	-25 pips
Today Daily Change %	-0.38%
Today daily open	0.6578

Trends
Daily SMA20	0.6625
Daily SMA50	0.6542
Daily SMA100	0.6297
Daily SMA200	0.6365

Levels
Previous Daily High	0.6628
Previous Daily Low	0.6571
Previous Weekly High	0.6691
Previous Weekly Low	0.6575
Previous Monthly High	0.6716
Previous Monthly Low	0.644
Daily Fibonacci 38.2%	0.6593
Daily Fibonacci 61.8%	0.6606
Daily Pivot Point S1	0.6557
Daily Pivot Point S2	0.6535
Daily Pivot Point S3	0.65
Daily Pivot Point R1	0.6614
Daily Pivot Point R2	0.6649
Daily Pivot Point R3	0.6671

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

AUD/USD rises to 0.6950 as USD slips on Fed's Warsh

AUD/USD regains traction and extends the bounce toward 0.6950 in the Asian session on Friday. Fed Chair Warsh's comments reinforce the selling pressure on the US Dollar, allowing the pair to stretch higher. Warsh said that he remains committed to delivering price stability without giving away anything on future interest rate path.

USD/JPY falls in symc with USD, gives up 158.00 after Warsh's speech

USD/JPY has come under fresh selling pressure and gives up 158.00 in the Asian session on Friday amid the emergence of fresh US Dollar selling. Fed Chair Warsh's non-committal commentary on the future tightening path, weighs on the US Dollar and the pair.

Gold looks vacillating above $4,150

Gold alternates gains with losses below the key $4,200 mark per troy ounce on Friday. The yellow metal’s irresolute price action comes in response to a modest pullback in the US Dollar and a tepid recovery in US Treasury yields across the board.

Bitcoin steadies at $82,000: The five forces crushing the Uptober rally

Crypto markets have remained under pressure so far in October, with Bitcoin (BTC) sliding below $80,000 earlier this week before recovering to around $82,000 on Friday, as macroeconomic headwinds and cooling demand weigh on the market.

The Fed just got a second hot inflation number. Here's what the diesel signal is really saying

The Federal Reserve (Fed) faces a renewed inflation challenge after two consecutive reports showed price pressure intensifying across the US economy. September's Consumer Price Index (CPI) confirmed accelerating consumer inflation, while the Producer Price Index (PPI) revealed an even sharper rise in business costs. Behind both reports lies a common factor: energy prices.

Everyone's dumping Gold after hot US inflation. Here's why $4,100 could be a floor, not a cliff

Gold (XAU/USD) is recovering from a sharp sell-off triggered by hotter-than-expected United States (US) inflation data released on Wednesday. The precious metal briefly plunged toward $4,073 as investors increased their bets on further Federal Reserve (Fed) interest rate hikes before recovering as US Treasury yields and the US Dollar (USD) reversed their initial gains.