• FxWirePro: NZD/USD pauses 2 weeks of decline, bounces off 21-ema support

    Source: FxWire Pro - Technicals / 22 Jun 2020 03:14:57   America/New_York

    NZD/USD chart - Trading View 

    NZD/USD was trading 0.36% higher on the day at 0.6428, at around 06:40 GMT.

    Kiwi is tracking upside in the Australian counterpart following the People's Bank of China's (PBOC) status quo rate decision.

    China's central bank kept the one-year and five-year loan prime rates unchanged at 3.85% and 4.65%, respectively, as widely expected. 

    Further, New Zealand May month Credit Card Spending printed at -21.1%, compared to a prior -49.4%, adding support to the antipodean.

    Price action is above 200-DMA and daily cloud. Major trend is strongly bullish. RSI is also above 50.

    The pair finds strong support at 21-EMA and 55W EMA, raising scope for upside resumption. 

    Major Support: 0.6317 (200-DMA)

    Major Resistance: 0.6538 (110W EMA)

    Summary: The pair holds 21-EMA support, raising scope for upside resumption. Test of 110W EMA at 0.6538 likely. Bullish invalidation only below 200-DMA. 

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