FxWirePro: NZD/USD rangebound around 110-ema, concerns about worsening US-China relations CAP upside
Source: FxWire Pro - Technicals / 31 May 2020 10:15:39 America/New_York
NZD/USD chart - Trading View
NZD/USD was trading largely rangebound on the day at 0.6184 at around 10:08 GMT.
110-EMA is offering stiff resistance at 0.6183 and back-to-back Doji formations on the daily candles dampen upside scope.
Concerned about a further escalation in diplomatic tensions between the United States and China is likely to keep check on gains.
Technical indicators are biased higher. Resumption of upside will see test of 200-DMA at 0.6312.
On the data front, second estimate of U.S. Q1 GDP, Durable Goods Orders for April, Initial Weekly Jobless Claims and Pending Home Sales will be in focus for impetus.
Support levels - 0.6183 (110-EMA), 0.6152 (5-DMA), 0.6097 (55-EMA)
Resistance levels - 0.6264 (61.8% Fib), 0.6312 (200-DMA), 0.6452 (76.4% Fib)
© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.