NZD/USD Price Analysis: Breaks weekly support line to refresh intraday low under 0.6450
- NZD/USD stretches pullback moves from 0.6481 to revisit Tuesday’s lows.
- Downbeat New Zealand GDP joins weaker than expected Aussie employment data and PBOC rate cut to weigh on the quote.
- A falling trend line from June 11 guards immediate upside.
NZD/USD drops to 0.6430, following the slump to the intraday low of 0.6422, during the initial trading session on Thursday. The kiwi pair prints 0.45% losses after it broke an immediate support line following the Australian jobs report for May. Earlier during the day, the rate cut by the People’s Bank of China (PBOC) and downbeat New Zealand Q1 GDP exerted downside pressure on the pair.
Considering the mix of technical and fundamental factors suggesting further weakness of the quote, the weekly low of 0.6380 becomes an immediate target for the sellers.
However, 50% and 61.8% Fibonacci retracement of May 27 to June 10 upside, respectively near 0.6365 and 0.6315, might challenge the bears afterward.
Meanwhile, the pair’s pullback beyond 0.6450 could push it towards the one-week-old resistance line, at 0.6500 now.
In a case, the buyers manage to dominate past-0.6500, the monthly high of 0.6585 will pop-up on their radars.
NZD/USD four-hour chart
Trend: Further downside likely
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