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NZD/USD idling strong support zone

FXStreet (Guatemala) - NZD/USD is currently trading at 0.6348 with a high of 0.6403 and a low of 0.6326.

NZD/USD has been unable to hold onto the positive tone and has fallen back to test the 200 SMA at 0.6336 which gave out to allow for the price to threaten an advance lower, but has so far held on at the aforementioned lows. The downside has the 0.6240 lows of last week in sight although there is a lack of impetus while the Fed's preferred measure of inflation was released earlier.

NZD/USD 20 DMA and 200 SMA are pivotal

The Core Personal Consumption Expenditure came in line with expectations at 0.1% vs 0.1% consensus and previous. So, while we await further impetus from data that may be the Nonfarm Payrolls data at the end of the week, the 200 SMA on the hourly and the 20 DMA at 0.6332 could be pivotal in the meantime. MACD on the daily remains strong above the mid-line and supports below come at 0.6293 and 0.6277.

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