NZD/USD Price Analysis: 10-day SMA guards immediate upside

NZD/USD fails to hold onto recovery gains.
Wednesday’s bullish spinning top suggests buyers’ exhaustion.
23.6% Fibonacci retracement offers nearby support.

Anil Panchal FXStreet

Having portrayed buyers’ exhaustion the previous day, via bullish spinning top, NZD/USD remains weak around 0.5840, down 0.18%, amid the early Thursday.

While 10-day SMA restricts the pair’s immediate upside, 23.6% Fibonacci retracement of its yearly fall limits the nearby declines.

However, the bearish MACD coupled with the pullback signaling candlestick formation indicates further downside past 0.5770 immediate support.

In doing so, 0.5670 and 0.5590 may offer intermediate halts before the monthly low near 0.5470.

Meanwhile, an upside clearance past-10-day SMA level of 0.5845 can accelerate the recovery moves towards 0.5930 and 0.6000 during the further advances.

NZD/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.5824
Today Daily Change	- 26 pips
Today Daily Change %	-0.44%
Today daily open	0.585

Trends
Daily SMA20	0.6082
Daily SMA50	0.6315
Daily SMA100	0.6429
Daily SMA200	0.6445

Levels
Previous Daily High	0.5913
Previous Daily Low	0.5788
Previous Weekly High	0.6151
Previous Weekly Low	0.547
Previous Monthly High	0.6504
Previous Monthly Low	0.6192
Daily Fibonacci 38.2%	0.5865
Daily Fibonacci 61.8%	0.5836
Daily Pivot Point S1	0.5788
Daily Pivot Point S2	0.5726
Daily Pivot Point S3	0.5663
Daily Pivot Point R1	0.5912
Daily Pivot Point R2	0.5975
Daily Pivot Point R3	0.6037

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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