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NZD/USD Price Analysis: Climbs to 3-month tops, bulls challenge 200-DMA

NZD/USD Price Analysis: Climbs to 3-month tops, bulls challenge 200-DMA

  • The emergence of some fresh USD selling assisted NZD/USD to regain traction.
  • A sustained move beyond 200-DMA needed to confirm a fresh bullish breakout.

The NZD/USD pair jumped to near three-month tops in the last hour, with bulls now looking to extend the momentum further beyond the 0.6800 round-figure mark and a two-month-old ascending trend-line. This is closely followed by the very important 200-day SMA, around the 0.6820 region, which if cleared might now be seen as a fresh trigger for bullish traders and pave the way for additional gains.

Meanwhile, technical indicators on the daily chart maintained their bullish bias and are still far from being in the overbought zone, further supporting prospects for an eventual breakout. The prevalent USD selling bias remains supportive of the constructive outlook, albeit slightly overbought conditions on the 4-hourly chart warrant some caution before placing fresh bullish bets.


Hence, it will be prudent to wait for some near-term consolidation or a sustained strength beyond 200-DMA to confirm a bullish breakout and positioning for a further near-term appreciating move.

On the flip side, the 0.6260 region now seems to have emerged as immediate support and a subsequent slide might still be seen as an opportunity to initiate fresh bullish positions. This, in turn, should help limit any meaningful corrective slide near the 100-day SMA resistance breakpoint, now turned support, just below the 0.6200 round-figure mark.

NZD/USD daily chart


Technical levels to watch


Today last price 0.63
Today Daily Change 0.0008
Today Daily Change % 0.13
Today daily open 0.6292
Daily SMA20 0.6102
Daily SMA50 0.6041
Daily SMA100 0.6193
Daily SMA200 0.6315
Previous Daily High 0.63
Previous Daily Low 0.6186
Previous Weekly High 0.6241
Previous Weekly Low 0.6083
Previous Monthly High 0.6241
Previous Monthly Low 0.5921
Daily Fibonacci 38.2% 0.6256
Daily Fibonacci 61.8% 0.623
Daily Pivot Point S1 0.6219
Daily Pivot Point S2 0.6145
Daily Pivot Point S3 0.6105
Daily Pivot Point R1 0.6333
Daily Pivot Point R2 0.6373
Daily Pivot Point R3 0.6447

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