NZD/USD recovers above 0.6600 after early Thursday sell-off

Risk-off markets send the Kiwi spiraling, recovery sees the pair hobbled above 0.6600.
Thin post-holiday market liquidity is seeing extreme moves exacerbated, heavy fading action seen on the charts.

Joshua Gibson FXStreet

NZD/USD is trading into 0.6625 as the pair looks set to flub the early market's recovery of Thursday's opening currency collapse. The Kiwi whipsawed to an initial high of 0.6682 before slumping to a new nine-week low of 0.6590 before fading the initial drop alongside broader markets, though the pair is struggling to maintain near-term bullish momentum beyond the 0.6600 handle.

Broad-market sentiment has swung firmly bearish for Thursday as the overnight session opened up with a quick plummet for risk-based assets across the board, fueled by investors getting thoroughly spooked by increasing evidence of a global growth slowdown. Apple Inc. revised their 2019 first-quarter growth projections firmly to the downside, placing the blame on China's own economic downturn, and traders are balking at the evidence that the US-China trade war is taking a much steeper toll on global growth than many were prepared for.

NZD/USD Technical Levels

NZD/USD

Overview:
    Today Last Price: 0.6621
    Today Daily change: -42 pips
    Today Daily change %: -0.630%
    Today Daily Open: 0.6663
Trends:
    Previous Daily SMA20: 0.6782
    Previous Daily SMA50: 0.6763
    Previous Daily SMA100: 0.6675
    Previous Daily SMA200: 0.6814
Levels:
    Previous Daily High: 0.6726
    Previous Daily Low: 0.6656
    Previous Weekly High: 0.6779
    Previous Weekly Low: 0.6692
    Previous Monthly High: 0.697
    Previous Monthly Low: 0.6686
    Previous Daily Fibonacci 38.2%: 0.6682
    Previous Daily Fibonacci 61.8%: 0.6699
    Previous Daily Pivot Point S1: 0.6637
    Previous Daily Pivot Point S2: 0.6611
    Previous Daily Pivot Point S3: 0.6567
    Previous Daily Pivot Point R1: 0.6708
    Previous Daily Pivot Point R2: 0.6752
    Previous Daily Pivot Point R3: 0.6778

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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