FxWirePro: NZD/USD consolidates previous session's gains, further upside on charts
Source: FxWire Pro - Technicals / 27 May 2020 01:33:25 America/New_York
NZD/USD chart - Trading View
NZD/USD was trading 0.15% lower on the day at 0.6187 at around 04:50 GMT, bias remains bullish.
Upbeat data from China failed to strengthen the bid tone around the pro-risk New Zealand Dollar.
China’s Industrial Profits dropped less than prior, fell by 4.3% year-on-year in April following the 34.9% slump in March.
The pair is consolidating previous session's gains and technical indicators support further upside.
Price action is extending gains above daily cloud and momentum is strongly bullish. Rising volatility will take the pair higher.
Bulls target 61.8% Fib at 0.6264. Further bullishness only on break above. Next major hurdle aligns at 200-DMA at 0.6313.
5-DMA is immediate support at 0.6140. Break below 55-EMA negates near-term bullish bias.
Major Support Levels:
- S1: 0.6140 (5-DMA)
- S2: 0.6094 (55-EMA)
- S3: 0.6076 (20-DMA)
Major Resistance Levels:
- R1: 0.6264 (61.8% Fib)
- R2: 0.6313 (200-DMA)
- R3: 0.6452 (76.4% Fib)
Summary: 0.62 is major psychological hurdle for the pair. Technical studies support further upside in the pair. Watch out for break above 0.62 mark for upside continuation. Gains till 200-DMA likely.
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