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NZD/USD chart - Trading View
NZD/USD was trading 0.37% higher on the day at 0.5984 at around 06:45 GMT, downside pressure remains.
The major slumped overnight after the RBNZ Governor Adrian Orr cited the odds of monetizing the fiscal deficit.
The losses were accentuated further on broad US dollar strength backed by the risk-off sentiment due to the oil price slump.
Further, New Zealand’s GDT Price Index data released today showed a fall in prices to -4.2% versus +1.5% forecast and +1.2% prior.
Analysis of the GMMA indicator shows major trend is bearish and minor trend is neutral.
Parabolic SAR supports weakness. Stochs are biased lower and RSI is well below the 50 mark. MACD is on verge of bearish crossover on signal line.
Focus shifts to the US Jobless Claim data for fresh direction. Coronavirus updates will be crucial to follow to gauge market risk appetite.
Guidance: Technical studies do not provide a clear directional bias, we prefer to remain on the sidelines.
