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Chart - Courtesy Trading View
Spot Analysis:
NZD/USD was trading 0.05% lower on the day at 0.6470 at around 09:25 GMT
Previous Week's High/ Low: 0.6417/ 0.6228
Previous Session's High/ Low: 0.6514/ 0.6417
Fundamental Overview:
RBNZ’s warning signal for a potential recession has dampened the antipodean.
NZD/USD pauses shy of 38.2% Fib as risk-off impulse rebounds ahead of US PCE.
Focus now on US Gross Domestic Product (GDP) and Personal Consumption Expenditure (PCE) numbers for impetus.
Analysts expect US GDP to stay unchanged at -1.4% on annual basis. US PCE is also expected to remain stable at 7%.
Technical Analysis:
- Spinning top and Doji formations on the daily candle dent upside in the pair
- Price action is extending gains for the second straight week
- The pair is grinding sideways at 21-EMA support
- GMMA indicator shows minor trend has turned bullish
Major Support and Resistance Levels:
Support - 0.6443 (21-EMA), Resistance - 0.6576 (55-EMA)
Summary: NZD/USD consolidates above 21-EMA support, weakness only on break below. Momentum is bullish, scope for test of 38.2% Fib at 0.6528.
