#NZDUSD @ 0.61881 -imp levels: is back under pressure following a resurgence in the greenback.

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• NZD/USD is back under pressure following a resurgence in the greenback.
• The bulls, however, are also feeling the heat in an unfavourable commodities complex environment.

The pair currently trades last at 0.61881.

The previous day high was 0.6245 while the previous day low was 0.6159. The daily 38.2% Fib levels comes at 0.6212, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6192, expected to provide resistance.

NZD/USD is trading at 0.6190 and has been in a range of between 0.6162 and 0.6218 on the day, losing some 0.3% currently into a sleepy close on Wall Street.

US stocks were mixed on the day, initially rallying as incoming data beat expectations on the whole. Analysts at ANZ Bank explained that growth in US Durable Goods Orders came in weaker than expected at 0% in July (exp: 0.8%, prev: 2.2%). ”However, this was largely driven by the volatile transportation component.

Excluding this, durable goods orders beat expectations, rising 0.3% (exp: 0.2%, prev: 0.3%). This was largely down to machinery, computers & electronics and fabricated metals. The stronger data suggests that investment activity is not slowing as quickly as some of the weaker survey and PMI data may suggest.”

Nevertheless, the US dollar gave up some gains later in the session into the London fix which enabled the kiwi to take flight early doors, although the price melted thereafter printing towards the lows of the day in midday trade from where the price has consolidated in and around thereafter.

”In many ways, the USD’s comeback is logical (at least from an NZ perspective) – it’s late-cycle here, so early winners may be early faders, and global growth risks abound – that’s hardly a supportive backdrop for commodity exporters,” the analysts argued.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6189 at the time of writing. Pair opened at 0.6228 and is trading with a change of -0.63 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6294, 50 SMA 0.6256, 100 SMA @ 0.6395 and 200 SMA @ 0.6594.

The previous day high was 0.6245 while the previous day low was 0.6159. The daily 38.2% Fib levels comes at 0.6212, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6192, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6176, 0.6125, 0.609
• Pivot resistance is noted at 0.6262, 0.6296, 0.6348

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