NZD/USD is trading below 4H 200MA in Asia
- Kiwi is reporting losses below the 4H 200MA at press time.
- Global growth concerns and the resulting risk-off in equities likely put a bid under the USD on Friday.
The NZD/USD pair is on the defensive, as the American dollar is likely drawing bids on global growth fears.
The currency pair is currently trading just below the 4-hour 200-candle moving average (MA) of 0.6798, having convincingly breached the 200-day MA on Friday.
That decline below the long-term MA support was likely associated with the below-forecast China retail sales, industrial production numbers,
and declining European services and manufacturing surveys and the resulting risk aversion in the US equities.
The stocks, however, could regain some poise today as indicated by the 0.30 percent rise in the S&P 500 futures. As a result, the pair's break below the 4-hour 200MA of 0.6798 could be short-lived.
That said, only a move above Friday's high of 0.6862 would neutralize the immediate bearish outlook.
NZD/USD Technical Levels
Today Last Price: 0.6786
Today Daily change: -13 pips
Today Daily change %: -0.191%
Today Daily Open: 0.6799
Previous Daily SMA20: 0.685
Previous Daily SMA50: 0.6707
Previous Daily SMA100: 0.667
Previous Daily SMA200: 0.6848
Previous Daily High: 0.6867
Previous Daily Low: 0.6778
Previous Weekly High: 0.6912
Previous Weekly Low: 0.6778
Previous Monthly High: 0.6887
Previous Monthly Low: 0.6514
Previous Daily Fibonacci 38.2%: 0.6812
Previous Daily Fibonacci 61.8%: 0.6833
Previous Daily Pivot Point S1: 0.6762
Previous Daily Pivot Point S2: 0.6725
Previous Daily Pivot Point S3: 0.6673
Previous Daily Pivot Point R1: 0.6851
Previous Daily Pivot Point R2: 0.6904
Previous Daily Pivot Point R3: 0.694