• The New Zealand Dollar has not been impacted much despite Retail Sales data missed estimates.
  • NZD/USD is hoping for a cushion around the 20-MA (High-Low) band.
  • A slippage in the RSI (14) to the 40.00-60.00 range is merely a loss of momentum, not a bearish reversal.

The NZD/USD pair has attempted a recovery after dropping to near 0.6250 in the Asian session. The market mood is extremely quiet as investors are returning gradually after a holiday on account of Thanksgiving Day. Also, the USD Index (DXY) has turned flat after displaying a wild gyration in the morning trade.

The Kiwi asset has not been impacted much after New Zealand Retail Sales missed estimates. The economic data landed at 0.4%, lower than the consensus of 0.5% but remained firmer from the prior release than the prior release of -2.3%.

On an hourly scale, the Kiwi asset is looking for the ground near the 20-period Moving Average (High-Low) in the dimensions of 0.6252-0.6270. Broadly, the upward-sloping trendline placed from November 10 low at 0.5841 will act as a major support for the counter.

Meanwhile, the Relative Strength Index (RSI) (14) has fallen into the 40.00-60.00 range from the bullish range of 60.00-80.00. This indicates that the New Zealand Dollar has lost momentum, however, the upside bias is still intact.

Should the asset break above Thursday’s high at 0.6288, the New Zealand Dollar bulls will drive the asset towards August 1 high at 0.6353, followed by the round-level resistance at 0.6400.

Alternatively, a decline below weekly lows at 0.6088 will drag the Kiwi asset toward November 14 low at 0.6061. A slippage below the latter will expose the major to drag further near the psychological support of 0.6000.

NZD/USD hourly chart

NZD/USD

Overview
Today last price 0.6259
Today Daily Change -0.0009
Today Daily Change % -0.14
Today daily open 0.6268
 
Trends
Daily SMA20 0.6015
Daily SMA50 0.5838
Daily SMA100 0.6019
Daily SMA200 0.6303
 
Levels
Previous Daily High 0.629
Previous Daily Low 0.622
Previous Weekly High 0.6206
Previous Weekly Low 0.6062
Previous Monthly High 0.5874
Previous Monthly Low 0.5512
Daily Fibonacci 38.2% 0.6263
Daily Fibonacci 61.8% 0.6247
Daily Pivot Point S1 0.6229
Daily Pivot Point S2 0.6189
Daily Pivot Point S3 0.6159
Daily Pivot Point R1 0.6299
Daily Pivot Point R2 0.6329
Daily Pivot Point R3 0.6369

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD clings to modest gains above 1.0500

EUR/USD clings to modest gains above 1.0500

EUR/USD clings to modest daily gains above 1.0500 heading into the American session as the US Dollar struggles to find demand following Monday's rally. The modest improvement in market mood seems to be helping the pair edge higher amid a lack of high-tier data releases.

EUR/USD News

GBP/USD gains traction, climbs toward 1.2250

GBP/USD gains traction, climbs toward 1.2250

GBP/USD gathered bullish momentum and advanced toward 1.2250 during the European trading hours on Tuesday. The positive shift witnessed in risk sentiment makes it difficult for the US Dollar to preserve its strength, helping the pair stretch higher.

GBPUSD News

Gold advances to $1,780 as US yieds edge lower

Gold advances to $1,780 as US yieds edge lower

Gold price gained traction and climbed to the $1,780 area on Tuesday. Following Monday's 2.5% increase, the benchmark 10-year US Treasury bond yield is down nearly 1% on the day at around 3.55%, fueling XAU/USD's rebound.

Gold News

Jim Cramer urges investors to sell crypto holdings, says XRP, Cardano, Dogecoin and MATIC could go to $0

Jim Cramer urges investors to sell crypto holdings, says XRP, Cardano, Dogecoin and MATIC could go to $0

Jim Cramer is an American TV personality and host of the Mad Money show on CNBC. Cramer urged investors on December 5 to sell their crypto holdings before it is too late. 

Read more

Preparation week ahead of Fed, ECB, BoE

Preparation week ahead of Fed, ECB, BoE

This week will prepare markets for the last key events of the year: policy meetings by the Fed, ECB and BoE on 14-15 December. It looks like the dollar's long positioning has now completely faded.

Read more

Forex MAJORS

Cryptocurrencies

Signatures