The NZD/USD saw downward movements in Tuesday's session, declining to 0.5930 with a daily loss of 0.50%.
The NZD/USD plunged to a daily low of 0.5930, down by 0.50%. China reported mixed economic figures during the Asian session. A strong US Dollar contributed to the downside. On the data front, China reportedTrade Balance data whilethe US Dollar recovering ground is what pushed the pair downwards. In line with that, after the US DXY Index closed a 1.40% weekly decline last Friday, the Greenback is gaining some traction driven by a cautious market mood and US yields recovering.
NZD/USD Levels to watch The NZD/USD suggests a neutral to bearish technical outlook on the daily chart as bullish momentum wanes. The Relative Strength Index points downwards above its midline, while the Moving Average Convergence prints decreasing green bars. Additionally, the pair is above the 20-day Simple Moving Average , below the 100-day SMA, but above the 200-day SMA, implying that the bears remain in control on a broader scale. Supports: 0.5915, 0.5900, 0.5880 Resistances: 0.5960,0.
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