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Pressured, Breaks 200-day EMA

NZD

NZD/USD prints at $0.6246, down ~1.1% in yesterday's trading.

  • The pair was heavily offered in the European session, falling ~2.5% from its peak in Asia, trading through its 200-day EMA at $0.6256 before finding support below its 50-day EMA at $0.6207.
  • NZD pared its losses, rallying ~1.3% off its lows, before retreating below its 200-day EMA to trade at current levels.
  • Weaker than expected German CPI data drove EUR/USD weakness spilling over into wider USD strength, the DXY was up ~1%. S&P500 fell ~0.4% and WTI fell ~3.8%.
  • Bears look to break the 50-day EMA at $0.6207, opening up the 100-day EMA at $0.6161 to re-establish the downtrend. Bulls look to first break the 20-day EMA at $0.6304.
  • With no local data on the wires today NZD will be driven by wider swings in risk sentiment.
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