{"id":109039,"date":"2023-06-15T06:48:18","date_gmt":"2023-06-15T06:48:18","guid":{"rendered":"https:\/\/dripp.zone\/news\/needs-acceptance-above-0-6200-for-further-rally-crypto-news\/"},"modified":"2023-06-15T06:48:19","modified_gmt":"2023-06-15T06:48:19","slug":"needs-acceptance-above-0-6200-for-further-rally-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/needs-acceptance-above-0-6200-for-further-rally-crypto-news\/","title":{"rendered":"Needs acceptance above 0.6200 for further rally\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<p>\n                        <span class=\"fxs_socialmedia_bar_share_label\">Share:<\/span><\/p>\n<ul>\n<li><strong>NZD\/USD has shown a recovery move to near 0.6200 despite the NZ economy reporting a technical recession.<\/strong><\/li>\n<li><strong>Fed Powell confirmed that rate cuts are not appropriate this year.<\/strong><\/li>\n<li><strong>NZD\/USD faced sheer resistance near the 61.8% Fibonacci retracement at 0.6230.<\/strong><\/li>\n<\/ul>\n<p>The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/currencies\/nzdusd\">USD\/NZD<\/a> The pair has rebounded after sensing buying interest near 0.6160 in the early London session.  The Kiwi asset is struggling to find acceptance above the round-level resistance of 0.6200 despite multiple attempts.<\/p>\n<p>S&#038;P500 futures have generated more losses as the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/technical-analysis\/sentiment\">market sentiment<\/a> is turning cautious.  A skip in the interest rate regime by the Federal Reserve (Fed) lacks optimism as the policy-tightening spell is not concluded now.  Also, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/central-banks\/fed\">fed<\/a> chair Jerome Powell confirmed that rate cuts are not appropriate this year.<\/p>\n<p>Meanwhile, the New Zealand economy has reported a technical recession as quarterly Gross Domestic Product (GDP) has contracted by 0.1% as expected.  Also, the Kiwi economy reported a contraction in its former GDP figures by 0.7%.  Two consecutive time contraction in quarterly GDP figures of an economy is considered a technical recession.<\/p>\n<p>NZD\/USD faced sheer resistance near the 61.8% <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/technical-analysis\/support-resistance\/fibonacci\">Fibonacci<\/a> retracement (plotted from May 11 high at 0.6385 to May 31 low at 0.5985) at 0.6230 on a four-hour scale.  The downward-sloping trendline placed from May 11 high at 0.6385 will continue to provide support to the New Zealand Dollar bulls.  Also, the 20-period Exponential Moving Average (EMA) at 0.6161 is acting as a cushion for the Kiwi bulls.<\/p>\n<p>The Relative Strength Index (RSI) (14) is making efforts in keeping its auction in the bullish range of 60.0-80.00.<\/p>\n<p>A confident break above the round-level resistance at 0.6200 will drive the Kiwi asset towards May 17 high at 0.6261 followed by May 19 high at 0.6306.<\/p>\n<p>Alternatively, a downside move below the intraday low at 0.6015 will expose the asset for a fresh six-month low towards 11 November 2022 low at 0.5984.  A slippage below the latter would expose the asset towards the 02 November 2022 high at 0.5941.<\/p>\n<h2 class=\"fxs_headline_medium\">NZD\/USD four-hour chart<\/h2>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/NZD_USD - 2023-06-15T120606.125-638224083630925987.png\"><\/a><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share: NZD\/USD has shown a recovery move to near 0.6200 despite the NZ economy reporting a technical recession. Fed Powell confirmed that rate cuts are not appropriate this year. NZD\/USD faced sheer resistance near the 61.8% Fibonacci retracement at 0.6230. The USD\/NZD The pair has rebounded after sensing buying interest near 0.6160 in the early [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":18583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,366,1431,656,255,250,715,252,247,253,249,524,256,254],"class_list":["post-109039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-fed","tag-fibonacci","tag-gdp","tag-gta","tag-looks-rare","tag-nzdusd","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-supportresistance","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/109039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=109039"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/109039\/revisions"}],"predecessor-version":[{"id":109040,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/109039\/revisions\/109040"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/18583"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=109039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=109039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=109039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}