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Market News NZD/USD Price Analysis: Defends NZ Inflation-Induced Support Break With 0.6140 In Sight

NZD/USD Price Analysis: Defends NZ Inflation-Induced Support Break With 0.6140 In Sight

NZD/USD remains under pressure near its five-week low, maintaining New Zealand's inflation-induced decline. The New Zealand Q1 CPI declines to its lowest level in two years, 6.7% QoQ. Bearish MACD signals and the breakdown of a one-month-old horizontal support keep Kiwi pair sellers optimistic. Any recovery remains elusive below the 200-day simple moving average; 0.6170 protects the near-term upside.

Daniel Rogers
2023-04-20
11180

 NZD:USD.png

 

During Thursday's mid-Asian session, NZD/USD bears maintain control at the lowest levels in five weeks while defending New Zealand (NZ) inflation-induced losses near 0.6160. With this, the Kiwi pair justifies not only the weaker-than-expected New Zealand inflation, but also the recent break of one-month-old horizontal support, which is now immediate resistance, and the bearish MACD signals.

 

As measured by the Consumer Price Index (CPI), New Zealand's (NZ) first-quarter (Q1) inflation was a negative surprise for policy purists at the Reserve Bank of New Zealand (RBNZ). In spite of this, the Quarter-over-Quarter change in the New Zealand Consumer Price Index (CPI) falls to 1.2% from 1.7% and 1.4%, respectively.

 

Following the disappointing data release, the NZD/USD pair breached a one-month-old horizontal support level, which is now a barrier around 0.6170. The bearish MACD signals are now directing NZD/USD bears towards a 1.5-month-old horizontal support level near 0.6140.

 

If the NZD/USD bears remain dominant beyond 0.6140, the current 0.6085 low for 2023 cannot be ruled out as a potential target.

 

In the meantime, recovery advances cannot be valued on a rise above the 0.6170 support-turned-resistance level as the 200-day simple moving average obstacle of 0.6220 becomes crucial for NZD/USD buyers to return.

 

In the event that the NZD/USD pair remains stronger than 0.6220, a run-up to the previous weekly high near 0.6315 and then to the monthly high of 0.6386 cannot be ruled out.


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