NZD/USD Price Analysis: Drops further below 0.6000 on Chinese statistics

NZD/USD refreshes intraday low after China Retail Sales drop below expectations.
Thursday’s low on the bears’ radar, a confluence of 100-HMA, weekly resistance line guards recovery moves.

Anil Panchal FXStreet

NZD/USD drops the intraday low of 0.5987, down 0.27% on a day, after China’s Retail Sales disappointed Kiwi traders on early Friday.

China’s Retail Sales slipped below -7.0% forecast to -7.5% whereas Industrial Production grew more than 1.5% expected to 3.9% in April.

Read: China’s April data dump: Mixed Retail Sales and Industrial Production numbers – Aussie revisits lows

The pair currently aims to revisit the weekly low surrounding 0.5955 during the further declines. However, a descending trend line from May 12, close to 0.5930, followed by April 23 low near 0.5910, can lure the bears afterward.

On the contrary, a confluence of 100-HMA and a falling trend line from May 11 keeps the pair’s immediate upside guarded around 0.6045/50.

Should buyers manage to cross 0.6050, May 12 high near 0.6123 can return to the charts.

NZD/USD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.5994
Today Daily Change	-10 pips
Today Daily Change %	-0.17%
Today daily open	0.6004

Trends
Daily SMA20	0.6046
Daily SMA50	0.6014
Daily SMA100	0.6258
Daily SMA200	0.6333

Levels
Previous Daily High	0.6005
Previous Daily Low	0.5957
Previous Weekly High	0.6148
Previous Weekly Low	0.5994
Previous Monthly High	0.6176
Previous Monthly Low	0.5843
Daily Fibonacci 38.2%	0.5987
Daily Fibonacci 61.8%	0.5975
Daily Pivot Point S1	0.5972
Daily Pivot Point S2	0.5941
Daily Pivot Point S3	0.5924
Daily Pivot Point R1	0.602
Daily Pivot Point R2	0.6037
Daily Pivot Point R3	0.6068

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.

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