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NZD/USD: Sellers aim for 0.6500

following downbeat China in>ation
?gures
NEWS | 19 minutes ago | By Anil Panchal ! ! !

NZD/USD takes a U-turn from intraday high of 0.6519 after China’s

CPI and PPI data for May.
Global markets remain less active ahead of the US Federal Reserve
monetary policy meeting.
Risk-tone searches for a ?rm direction amid a light news >ow.
The US in>ation data adds weight to the calendar before the FOMC.

NZD/USD declines to 0.6510 after China ;ashed downbeat in;ation data for
May during Wednesday’s Asian session. The pair earlier refreshed the
intraday high to 0.6519 but failed to defy the previous day’s weakness amid
the pre-Fed cautious sentiment.

China’s Consumer Price Index (CPI) weakened more than 2.7% forecast to
2.4% on a yearly basis whereas the Producer Price Index (PPI) extended
downside to -3.7%, below -3.3% market consensus. Additionally, the MoM
readings of CPI drag it below -0.5% expected to -0.8%.
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Read: China data dump unimpressive: May CPI +2.4 pct vs +2.7 pct YoY,
PPI -3.7 PCT vs -3.3 PCT YoY

Considering the downbeat [gures from the key customer, NZD/USD drops
after the data. However, the pair’s weakness remains tepid amid the market’s
inactivity ahead of the key US Federal Reserve monetary policy meeting
decision.

It should also be noted that the market’s risk-tone sentiment also weighs
down amid a minor noise between the US and China. While portraying the
same, US Secretary of State Mike Pompeo alleged China of using coercion
to push the UK towards opening the door for Huawei.

Against this backdrop, the US 10-year Treasury yields seesaw around 0.8300
while Japan’s Nikkei marks 0.10% losses to 23, 068 by the press time.

Looking forward, traders will keep waiting for the announcements from the
Federal Open Market Committee (FOMC). However, the US in;ation numbers
for May and the US-China tussle might offer intermediate clues to the pair
watchers. Analysts as Westpac also give high priority to the Fed meeting
while saying, “the major event of the day will be the FOMC’s June monetary
policy meeting. Having had great success buoying sentiment thus far, the
Fed will keep rates on hold (4:00 am Thu Syd). Following the policy
announcement, Chair Powell will deliver the post-meeting press conference
(4:30 am). There will be considerable interest in the “dots” of FOMC members’
interest rate projections, which have not been published since December
2019 and on any discussion of measures such as yield curve control.”

Technical analysis
Buyers are looking for a clear break above 0.6580 level comprising the recent
high and mid-January lows. If that happens, January 16 top surrounding
0.6665/70 could return to the charts. Meanwhile, overbought RSI conditions
on the daily chart and the pair’s failure to rise beyond 0.6580 drags the kiwi
pair towards March month high near 0.6450 during the further declines.

ADDITIONAL IMPORTANT LEVELS

OVERVIEW LEVELS

Today last price 0.6512 Previous Daily High 0.6581

 Today Daily Change -3 pips Previous Daily Low 0.6468

Today Daily Change % -0.05% Previous Weekly High 0.6528

Today daily open 0.6515 Previous Weekly Low 0.6186

Previous Monthly High 0.6241

TRENDS Previous Monthly Low 0.5921

Daily SMA20 0.6221

Daily Fibonacci 38.2% 0.6511
Daily SMA50 0.6105
Daily Fibonacci 61.8% 0.6538

Daily SMA100 0.6185

Daily Pivot Point S1 0.6462

Daily SMA200 0.6319

Daily Pivot Point S2 0.6409

Daily Pivot Point S3 0.635

Daily Pivot Point R1 0.6574

Daily Pivot Point R2 0.6633

Daily Pivot Point R3 0.6686

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments proIled on this

page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should

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from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets

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Price
Analysis:
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New
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Analysis:
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1.1241
Fibonacci
CPI
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is
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+2.4%
China
resume
PPI
the
on
vs
in>ation
>ights
level
the
By
+2.7%
?gures
to
Omkar
to
bears’
YoY,
Godbole
Japan
By Anil
|beat
radars
PPI
Panchal
from
|for
17
-3.7%
By Anil
minutes
June
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By
ago
-3.3
37
Omkar
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%
Godbole
Dhwani
ago
|Mehta
YoY
40
|
By
minutes
18
Ross
ago J
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ago
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25
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EDITORS’ PICKS

AUD/USD: Rebound USD/JPY seesaws near Gold holding in positive

capped by downbeat
Chinese CPI/ PPI
AUD/USD's rebound
from near 0.6930
region lost legs at 0.6965
after the Chinese in;ation
[gures disappointed in May,
still suggesting that the
world's top consumer is not
one-week low, under
108.00, as risk tone
sours
USD/JPY sellers
catch a breath
around the multi-day low
near 107.60 after the two-day
losses. The pair struggles for
a [rm direction following the
territory ahead of the
Fed showdown
Gold prices have
been elevated,
taking back territory in the
1700s while risk appetite has
cooled in the US and Europe.
The market has been due for
a rest as investors take stock
 out the woods yet. Focus
shifts to the FOMC decision
for the next direction.
AUD/USD News "
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further downside towards
the monthly support near
$36.95.
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NZD/USD: Sellers
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By Anil Panchal | 19 minutes
ago
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