NZD/USD technical analysis: Struggles around 61.8% Fibo. amid overbought RSI after NZ data

New Zealand Credit Card Spending grew past market consensus in June.
The Kiwi pair struggles to extend break of 61.8% Fibonacci retracement amid overbought RSI.

Anil Panchal FXStreet

Despite witnessing better than forecast spending data from New Zealand, the NZD/USD pair struggles to extend the latest rally as it trades near 0.6786 on early Friday.

June month Credit Card Spending (YoY) from New Zealand beat market expectations of 5.6% by matching the previous growth figure of 6.6%.

Given the overbought conditions of 14-day relative strength index (RSI), prices can revisit Wednesday’s high should they decline below 61.8% Fibonacci retracement level of December 2018 to May 2019 downpour, at 0.6780.

Additionally, 50% Fibonacci retracement and 200-day exponential moving average (EMA) can support the pair’s further declines around 0.6725 and 0.6715 respectively.

On the contrary, 0.6800 round-figure seems to hold the key for the quote’s extra rise towards April month high close to 0.6840. Also, pair’s run-up past-0.6840 may push the bulls to look for 0.6875 and 0.6900 mark.

NZD/USD daily chart

Trend: Pullback expected

additional important levels

Overview
Today last price	0.6787
Today Daily Change	5 pips
Today Daily Change %	0.07%
Today daily open	0.6782

Trends
Daily SMA20	0.6674
Daily SMA50	0.6603
Daily SMA100	0.6677
Daily SMA200	0.672

Levels
Previous Daily High	0.6788
Previous Daily Low	0.6724
Previous Weekly High	0.6699
Previous Weekly Low	0.6567
Previous Monthly High	0.6722
Previous Monthly Low	0.6487
Daily Fibonacci 38.2%	0.6763
Daily Fibonacci 61.8%	0.6748
Daily Pivot Point S1	0.6742
Daily Pivot Point S2	0.6701
Daily Pivot Point S3	0.6678
Daily Pivot Point R1	0.6805
Daily Pivot Point R2	0.6828
Daily Pivot Point R3	0.6868

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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