NZD/USD Price Analysis: Pressured below 0.6700 amid mixed trade numbers from China

NZD/USD drops to intraday low after China’s July month trade numbers flashed mixed signals.
The fall in imports supersedes upbeat Trade Balance and Export figures.
The rising wedge chart pattern is in focus amid bearish MACD.
Multiple upside barriers stay strong to challenge the bulls beyond 0.6700.

Anil Panchal FXStreet

NZD/USD stands on a slippery ground while declining to 0.6668, down 0.27% on a day, following China’s trade numbers during early Friday. In doing so, the Kiwi pair refreshes the intraday low while also snaps three-day winning streak.

Read: China’s July Trade data (USD): Surplus expands amid a surprise jump in exports

With the MACD turning in favor of the sellers, the pair currently declines towards 0.6660 ahead of highlighting the 0.6650 support confluence, including an ascending trend line from Tuesday and 200-HMA.

However, any more downside past-0.6650 will confirm the bearish chart play and can drag the pair towards the monthly bottom around 0.6575. Though, 0.6600 may offer an intermediate halt during the fall.

On the flip side, 0.6700 continues to become a tough nut to crack for the buyers, a break of which could challenge the July month’s top surrounding 0.6715/20.

If at all the quote rises past-0.6720, the year 2020 peak near 0.6740 and December 31, 2019 high of 0.6756 will in the spotlight.

NZD/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.6668
Today Daily Change	-19 pips
Today Daily Change %	-0.28%
Today daily open	0.6687

Trends
Daily SMA20	0.6618
Daily SMA50	0.6524
Daily SMA100	0.6272
Daily SMA200	0.6363

Levels
Previous Daily High	0.669
Previous Daily Low	0.6628
Previous Weekly High	0.6716
Previous Weekly Low	0.6619
Previous Monthly High	0.6716
Previous Monthly Low	0.644
Daily Fibonacci 38.2%	0.6666
Daily Fibonacci 61.8%	0.6652
Daily Pivot Point S1	0.6647
Daily Pivot Point S2	0.6606
Daily Pivot Point S3	0.6585
Daily Pivot Point R1	0.6709
Daily Pivot Point R2	0.673
Daily Pivot Point R3	0.6771

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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