FxWirePro: NZD/USD struggles to extend gains beyond 0.63 handle, finds stiff resistance at 200-dma
Source: FxWire Pro - Technicals / 02 Jun 2020 03:35:36 America/New_York
NZD/USD chart - Trading View
NZD/USD was trading 0.34% lower on the day at 0.6267 at around 07:00 GMT, after closing 1.36% higher in the previous session.
The pair tested 0.63 handle before paring some gains. Stiff resistance is seen at 200-DMA at 0.6310.
Technical indicators are bullishly aligned and support upside in the pair. Break above 200-DMA will confirm further gains.
Ongoing US-China trade concerns and escalating civil unrest in the US keep the US dollar undermined.
No major data releases scheduled for the day. Focus remains on New Zealand GDT price index for impetus.
Decisive breakout at 200-DMA finds next major hurdle at 55W EMA at 0.6356. Above 55W EMA, the pair finds little resistance till 0.6452 (76.4% Fib).
On the flipside, failure to break above 200-DMA and retrace below 110-EMA will negate upside bias.
Support levels - 0.6264 (61.8% Fib), 0.6231 (5-DMA), 0.6187 (110-EMA)
Resistance levels - 0.6310 (200-DMA), 0.6356 (55W EMA), 0.6452 (76.4% Fib), 0.6545 (110-EMA)
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