#NZDUSD @ 0.61886 -imp levels: Dollar drops into the London fix, even as US yields remain at weekly highs.

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• Dollar drops into the London fix, even as US yields remain at weekly highs.
• DXY reverses turns negative, erasing a 0.60% daily gain.
• NZD/USD: key support above 0.6150 remains in place.

The pair currently trades last at 0.61886.

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.

The NZD/USD again rebounded from near 0.6150 and climbed to 0.6200, trimming daily losses. A decline of the US dollar across the board boosted the pair.

The greenback weakened around the London fix, even as US yields printed fresh daily highs. In Wall Street, stocks turned decisively positive and commodities erased losses. The DXY dropped from above 109.00 to 108.40.

Economic data from the US showed on Wednesday a mixed Durable Goods Order report with the headline missing expectations but with positive detail. A different report revealed Existing Home Sales dropped 1% in July to the lowest in two years. On Thursday, a new estimate of Q2 GDP, the weekly Jobless Claims and the Kansas Fed Manufacturing index are due.

During the Asian session Retail Sales data is due in New Zealand. Later on Thursday, the market focus will turn to the Jackson Hole symposium. Jerome Powell will speak on Friday.

The bias in NZD/USD continues to favor the downside. The crucial support is around 0.6150, which capped the upside during the last four trading days. A break lower would clear the way to more losses targeting 0.6125 initially and then 0.6095.

On the upside, the immediate resistance may be seen at 0.6205, followed by 0.6240.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6182 at the time of writing. Pair opened at 0.6228 and is trading with a change of -0.74 % .

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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