NZD/USD Price Analysis: Off intraday high, still above 0.6150
- NZD/USD slips from the daily top of 0.6194 after New Zealand’s ANZ Business Confidence and Activity Outlook data.
- Weekly support line and Wednesday’s low keep buyers hopeful.
- 200-day EMA on the daily chart becomes strong upside resistance.
NZD/USD drops to 0.6180 after New Zealand’s (NZ) second-tier data flashed during Thursday’s Asian session.
The ANZ Business Confidence came out at better than -86.3 forecast and -45.6 prior to -41.8 whereas ANZ Activity Outlook also recovered from -73.2 expected to -38.7.
Despite stepping back, the Kiwi pair stays above short-term support line, at 0.6165, a break of which can drag the quote to the previous day’s low near 0.6150.
However, a confluence of 100-HMA and 61.8% Fibonacci retracement of May 22-27 upside, around 0.6140, could restrict the Aussie pair’s further downside.
On the upside, buyers may remain cautious ahead of refreshing the monthly top near 0.6235.
Though, a sustained break above 0.6235 enables the NZD/USD optimists to probe a 200-day EMA level near 0.6300.
NZD/USD hourly chart
Trend: Bullish
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.
