NZD/USD: Supply Caps Minor-Recovery Near 1hr 200-SMA
The bid tone surrounding the NZD weakened in late-Asia, dragging NZD/USD lower from daily tops reached ahead of hourly 200-SMA at 0.6933.
NZD/USD: Upside capped amid negative equities
Currently,
the NZD/USD pair trades 0.06% higher at 0.6915, retreating from session
highs previously posted at 0.6936. The Kiwi ran through fresh offers
over the last hour after the Asian equities paused recovery and fell
back in the red zone, shrugging off oil price rebound. The bulls fail to
benefit from higher oil as the broader market sentiment remains mixed
amid a lack of fresh fundamental drivers.
Moreover, fresh selling
in the US dollar versus its major peers also caused the NZD/USD to
falter, following two consecutive days of steep declines. Moving on,
focus will continue to remain on the oil and stock markets for further
incentives ahead of the US flash manufacturing PMI index due later
today.
NZD/USD Levels to consider
To the
upside, the next resistance is located at 0.6933/36 (1h 200-SMA/ daily
high), above which it could extend gains to 0.6959 (5-DMA/ daily R1). To
the downside immediate support might be located at 0.6886/76 (20-DMA/
daily S1) and from there to 0.6800/0.6790 (round number/ 50-DMA).
