NZD/USD chart - Trading View
- NZD/USD trades at 0.6794 at 0455 GMT, down 0.33% at the time of writing.
- The pair has slipped below 55-EMA and technical indicators support further weakness.
- Negative news out of China weighs on the antipodeans, keeping downside pressure.
- China services purchasing managers’ index (PMI) for February came in at 51.1, missing the estimate of a rise to 53.8 from the previous month’s print of 53.6.
- Further, China revised lower the gross domestic product (GDP) estimate to 6.0–6.5% range for 2019.
- Sentiment based on the US-China trade deal developments will continue to affect price movements.
- Break below 55-EMA has raised scope for dip till 100-DMA at 0.6766. Further weakness eyes 200-DMA at 0.6748.
- On the flipside, we see strong resistance at 0.6714 (nearly converged 5 and 20-DMA). Retrace above 20-DMA could see further upside.
Support levels - 0.6766 (100-DMA), 0.6748 (200-DMA)
Resistance levels - 0.6814 (nearly converged 5 and 20-DMA), 0.6848 (Jan 15 high)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
