The NZDUSD pair encountered a significant obstacle at the 100-day Simple Moving Average level of 0.6150 and then withdrew to 0.6120.

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• The NZD/USD faced strong resistance at the 100-day SMA of 0.6150 and retreated to 0.6120.

The pair currently trades last at 0.61217.

The previous day high was 0.6143 while the previous day low was 0.6084. The daily 38.2% Fib levels comes at 0.6121, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6107, expected to provide support.

The NZD/USD was rejected at the 0.6150 level and the pair retraced to the 0.6120 area. As the market awaits significant economic data on Tuesday, visitor arrivals figures and the US Consumer Price Index (CPI) is expected to dominate investor sentiment and shape the trajectory of the currency pair in the short term.

As the tourist industry from New Zealand dominates a large total of its GDP, the Visitor’s Arrivals released by Stats NZ are closely watched by investors. The flow of tourists is expected to increase by 2.1% YoY in April, decelerating from the previous record in March.

Investors are eagerly awaiting the release of the US Consumer Price Index (CPI) data for May, as it is expected to provide crucial guidance for market direction. Analysts predict that the headline figure will reflect a slowdown in the year-on-year (YoY) rate to 4.1%, while the Core measure is projected to decrease from the previous YoY rate of 5.5% to 5.3%. In that sense, the inflation outlook is closely monitored by the Federal Reserve as one of its long-term objectives is to assure price stability.

Meanwhile, markets are expecting a hike pause for Wednesday’s meeting but a strong likelihood of 25 basis points in July. That being said, both Chair Powell’s press conference and the updated macroeconomic forecast of the Federal Open Market Committee will shape the expectations regarding the Federal Reserve’s (Fed) next moves.

According to the daily chart, the NZD/USD holds a neutral tilt with a bullish bias for the short term. Despite indicators losing some traction, there are still in positive territory, suggesting that there may be more upside potential.

Resistance Levels to watch: 0.6150,100-day Simple Moving Average (SMA), 0.6180, 0.6200.
Supports Levels to watch: 0.6125, 20-day Simple Moving Average (SMA), 0.6100, 0.6080.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6119 at the time of writing. Pair opened at 0.6143 and is trading with a change of -0.39 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6125, 50 SMA 0.6188, 100 SMA @ 0.6234 and 200 SMA @ 0.6149.

The previous day high was 0.6143 while the previous day low was 0.6084. The daily 38.2% Fib levels comes at 0.6121, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6107, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6103, 0.6064, 0.6044
• Pivot resistance is noted at 0.6163, 0.6183, 0.6222

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