NZD/USD drops recently, snaps two-day winning streak.
Downbeat prints of New Zealand Electronic Card Retail Sales, increasing odds of RBNZ’s further QE weigh off-late.
A confluence of the three-day-old rising trend line, 61.8% Fibonacci retracement limit immediate downside.

NZD/USD trades near 0.6140 during Monday’s Asian session. The pair dropped recently after New Zealand’s Electronic Card Retail Sales slumped 47.5% YoY in April from -1.8% prior. Also exerting downside pressure on the pair is the statement from NZIER (New Zealand Institute of Economic Research).

Even so, a confluence of a three-day-old ascending trend line and 61.8% Fibonacci retracement of April 30 to May 06 fall, around 0.6100, restricts the pair’s immediate downside.

Should the NZD/USD prices dip below 0.6100, Tuesday’s top near 0.6080 holds the key to the monthly low surrounding 0.5995.

Meanwhile, an upside clearance of 0.6150 can renew the buying pressure towards April month high close to 0.6175.

NZD/USD hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.6136
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.6136

Trends
Daily SMA20	0.6046
Daily SMA50	0.6034
Daily SMA100	0.6282
Daily SMA200	0.6342

Levels
Previous Daily High	0.6148
Previous Daily Low	0.6084
Previous Weekly High	0.6148
Previous Weekly Low	0.5994
Previous Monthly High	0.6176
Previous Monthly Low	0.5843
Daily Fibonacci 38.2%	0.6124
Daily Fibonacci 61.8%	0.6108
Daily Pivot Point S1	0.6097
Daily Pivot Point S2	0.6058
Daily Pivot Point S3	0.6033
Daily Pivot Point R1	0.6161
Daily Pivot Point R2	0.6187
Daily Pivot Point R3	0.6225

NZD/USD Price Analysis: Sellers look for entries below 0.6100