NZDUSD consolidates after the recent three days rebound ahead of the blockbuster U.S. initial jobless claims announcement later on the day. The New Zealand Electronic Card Retail Sales came in at -3.9% below the expectations of 0.3% in March, while the Electronic Card Retail Sales yearly reading came in at -1.8%, below the forecasts of 5.3%.
New Zealand’s Treasury released the monthly economic indicators report, showing that economic activity has fallen abruptly as the NZ Government responds to the health risks posed by the coronavirus outbreak. The fiscal and monetary policy is helping to ease the disruption to household and business income.
Download our Q2 Market Global Market Outlook
NZDUSD Price Technical Analysis
NZDUSD is 0.05% higher at 0.6016, keeping the rebound from recent lows alive. The long term technical picture is bearish, but the recent rebound has attracted some bids targeting the 50-day moving average critical resistance that might cancel the bearish momentum.
On the upside, the first resistance for NZDUSD stands at 0.6028 the daily high. If the bulls move above, then the next target would be at 0.6062 the high from March 30 trading session. More offers might emerge at 0.6099 the high from March 17.
On the contrary, initial support will be met at 0.5986 the daily low. In case, the NZDUSD pair breaks below; the next support zone stands at 0.5937 the low from yesterday’s trading session. More bids would emerge at 0.5859 the low from April 6.
Don’t miss a beat! Follow us on Telegram and Twitter.
More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Nikolas on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.