NZD/USD fails to cross the key confluence comprising 200-HMA, 61.8% Fibonacci retracement. 100-HMA acts as the immediate key support amid bearish MACD. Following the record low print of China’s Caixin Services PMI for February, NZD/USD declines 0.11% to 0.6280 during early Wednesday. In doing so, the pair takes a U-turn from 200-Hour Moving Average (HMA) as well as 61.8% Fibonacci retracement level of February 25-28 declines. Read: China’s Caixin services PMI slumps to a record low of 26.5 in Feb, Aussie trims gains That said, sellers are now targeting a drop to a 100-HMA level of 0.6270 whereas the monthly bottom near 0.6235 can restrict further downside. It should also be noted that MACD conditions are supporting bears and hence any fall below 0.6235 might not refrain to challenge the recently flashed multi-month low around 0.6190. On the upside, a sustained clearance of 0.6295/6300 resistance confluence can take aim at 0.6335 ahead of targeting an upward trajectory towards 0.6400 mark. NZD/USD hourly chart Trend: Pullback expected FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China’s NHC: Mainland China reports 119 new coronavirus cases vs. 125 previous FX Street 3 years NZD/USD fails to cross the key confluence comprising 200-HMA, 61.8% Fibonacci retracement. 100-HMA acts as the immediate key support amid bearish MACD. Following the record low print of China’s Caixin Services PMI for February, NZD/USD declines 0.11% to 0.6280 during early Wednesday. In doing so, the pair takes a U-turn from 200-Hour Moving Average (HMA) as well as 61.8% Fibonacci retracement level of February 25-28 declines. Read: China's Caixin services PMI slumps to a record low of 26.5 in Feb, Aussie trims gains That said, sellers are now targeting a drop to a 100-HMA level of 0.6270 whereas the monthly bottom… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
