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NZD/USD rallies to test resistance at 0.6130 area

  • NZD/USD finds buyers at 0.6100, although it remains limited below 0.6130 for now.
  • Strong US data and concerns about China weigh on the New Zealand Dollar.
  • Dollar losses are likely to remain limited ahead of the US CPI and Fed meeting.

US Dollar (USD) weakness is likely to remain limited after Friday’s US NFP data highlighted US labor market resilience and dampened hopes of Fed cuts in early 2024 .

Data releases over the weekend showed China’s Consumer Prices grew at their slowest pace in three years, adding to concerns about the fragile momentum of the world’s second-largest economy and hurting China’s trading partner NZD. .

Today’s calendar is light, with traders awaiting Tuesday’s US CPI data and Wednesday’s Fed policy decision to shed some more light on the Fed’s upcoming monetary policy actions. the Fed.

Technical indicators are declining and prices are below the 50 SMA on the 4-hour chart, and above the 100 SMA. The 0.6130 level is limiting the bulls, closing the doors towards 0.6190 and 0.6225.

Failure to recover 0.6130 would increase pressure towards 0.6050 and 0.6000.

Technical levels to monitor

NZD/USD

Overview
Latest price today 0.6118
Today Daily variation -0.0003
Today’s daily variation -0.05
Today’s daily opening 0.6121
Trends
daily SMA20 0.6079
daily SMA50 0.5974
SMA100 daily 0.5981
SMA200 daily 0.6088
Levels
Previous daily high 0.619
Previous daily low 0.6103
Previous weekly high 0.6223
Previous weekly low 0.6103
Previous Monthly High 0.6208
Previous monthly low 0.5788
Daily Fibonacci 38.2 0.6136
Fibonacci 61.8% daily 0.6156
Daily Pivot Point S1 0.6086
Daily Pivot Point S2 0.6051
Daily Pivot Point S3 0.6
Daily Pivot Point R1 0.6173
Daily Pivot Point R2 0.6224
Daily Pivot Point R3 0.6259

Source: Fx Street

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