FxWirePro: NZD/USD resumes downside on downbeat China data dump, on track to test 200-dma at 0.6317
Source: FxWire Pro - Technicals / 15 Jun 2020 01:51:24 America/New_York
NZD/USD chart - Trading View
NZD/USD has resumed weakness and was trading 0.59% lower at 0.6407 at around 05:28 GMT.
The antipodeans depressed after downbeat China data dump. More pain on cards as market’s risk-tone remains sluggish amid COVID-19 resurgence fears.
China’s May month Industrial Production slipped below 5.0% forecast to 4.4% whereas Retail Sales shrank more than 2.2% expected to -2.8%.
Technical studies for the pair have turned bearish. Oscillators have rollover from overbought levels.
MACD is on verge of bearish crossover on signal line and Chikou Span on the Ichimoku charts is biased lower.
Price action hovers around 0.64 handle and is on track to test 200-DMA at 0.6317. Violation at 200-DMA will open downside.
Major Support - 0.6317 (200-DMA)
Major Resistance - 0.6540 (110W EMA)
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