NZD/USD Price Analysis: Buying spree towards 0.6450 pauses despite upbeat China data


  • NZD/USD bulls catch a breather near a three-month high with a top of 0.6432 after China’s Caixin Services PMI.
  • Overbought RSI conditions, March month top question further upside.
  • 200-day SMA, 61.8% Fibonacci retracement can challenge the short-term sellers.

NZD/USD recedes from the March month top to 0.6415 but remains 0.77% up on a day, even after China’s Caixin Services PMI rose in May. The data published during early Wednesday suggest a hike to 55.00 versus 50.3 previous readouts.

Read: China Caixin Services PMI for May bunces back to growth, highest since late 2010 55.0 vs 44.4 in April

Other than the data, overbought RSI conditions and nearness to March month top, surrounding 0.6450, increases the odds of the pair’s pullback moves.

In doing so, a 200-day SMA level of 0.6315 and 61.8% Fibonacci retracement level of the pair’s fall from December 31, 2019, to March 19, 2020, at 0.6265, will be on the sellers’ radars.

Should the quote slips below 0.6265 on a daily closing basis, 0.6230 and April month high near 0.6175 might return to the charts.

Alternatively, an upside clearance of 0.6450 will enable the bulls to challenge February month’s high near 0.6500.

NZD/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 0.6416
Today Daily Change 47 pips
Today Daily Change % 0.74%
Today daily open 0.6369
 
Trends
Daily SMA20 0.6118
Daily SMA50 0.6052
Daily SMA100 0.6191
Daily SMA200 0.6315
 
Levels
Previous Daily High 0.6372
Previous Daily Low 0.6263
Previous Weekly High 0.6241
Previous Weekly Low 0.6083
Previous Monthly High 0.6241
Previous Monthly Low 0.5921
Daily Fibonacci 38.2% 0.633
Daily Fibonacci 61.8% 0.6305
Daily Pivot Point S1 0.6297
Daily Pivot Point S2 0.6226
Daily Pivot Point S3 0.6189
Daily Pivot Point R1 0.6406
Daily Pivot Point R2 0.6443
Daily Pivot Point R3 0.6515

 

 

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