NZD/USD chart - Trading View
NZD/USD has retraced slightly from session lows at 0.6590 and was trading 0.08% lower at around 06:40 GMT.
The antipodeans supported from upbeat China Caixin PMI for October which came in at 53.6, beating expectations of 52.8 and up from the previous month's print of 53.0.
That said, recovery looks limited as technical indicators are bearishly aligned. Momentum strongly bearish with RSI well below 50 mark.
Price action has failed to hold break above daily cloud and MACD shows bearish crossover on signal line.
Immediate support is seen at 110-EMA at 0.6557. Break below will see further weakness. Bearish divergence supports downside.
Break below 110-EMA will see test of 61.8% Fib at 0.6484 ahead of 200-DMA at 0.6389. Violation at 200-DMA will open downside.
Support levels - 0.6557 (110-EMA), 0.6484 (23.6% Fib), 0.6389 (200-DMA)
Resistance levels - 0.6637 (5-DMA), 0.6724 (Oct 27 high), 0.6760 (61.8% Fib)
