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NZD/USD chart - Trading View
NZD/USD is extending weakness for the 3rd straight session, trades 0.25% lower at 0.5946 at around 05:45 GMT.
Recovery in the pair seems to have faltered as price action was rejected at 21-EMA.
Major trend in the pair has been bearish as evidenced by the GMMA indicator, and intraday bias is turning bearish.
The pair finds strong support at 200H MA at 0.5867. Break below will drag the pair lower.
Antipodeans are under pressure amid fears of worsening coronavirus pandemic. Kiwi ignores upbeat China Caxin PMI data.
Focus on US ADP Employment and Manufacturing PMI data due later today for fresh impulse.
Data Watch:
US ADP Employment Change (Mar) - 12:15 GMT - Forecast: -154K, Prior: 183K
US Markit manufacturing PMI (Mar) - 13:45 GMT - Forecast: 49.2, Prior: 49.2
US ISM Manufacturing Employment Index (Mar) - 14:00 GMT - Forecast: 45.4, Prior: 46.9
US ISM Manufacturing PMI (Mar) - 14:00 GMT - Forecast: 45, Prior: 50.1
Support levels - 0.5865 (200H MA), 0.5827 (Tenkan sen), 0.5772 (23.6% Fib)
Resistance levels - 0.5983 (5-DMA), 0.6011 (21-EMA), 0.6112 (50% Fib)
Guidance: Good to stay short on break below 200H MA (0.5865), SL: 06010, TP: 0.5830/ 0.5775/ 0.57
