NZD/USD Price Analysis: 21-day SMA guards immediate upside

NZD/USD consolidates the previous day’s losses, maintains the U-turn from 21-day SMA.
A horizontal area comprising November and February lows acts as the key support.

Anil Panchal FXStreet

Following its another decline from 21-day SMA, NZD/USD retraces 0.15% to 0.6283 during early Wednesday.

In addition to the 21-day SMA level of 0.6340, a downward sloping trend line since December 31, 2019, currently around 0.6400, also acts as the key resistance.

If at all buyers manage to extend the recovery gains beyond 0.6400 on a daily closing basis, they confirm the broad descending triangle’s break, which in turn can propel the run-up towards the early-January lows surrounding 0.6600.

Meanwhile, 0.6240 can act as immediate support ahead of the 0.6200/6190 horizontal region.

Should there be a further downside past-0.6190, the quote can revisit the Monday’s flash crash low near 0.6000.

NZD/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.6282
Today Daily Change	12 pips
Today Daily Change %	0.19%
Today daily open	0.627

Trends
Daily SMA20	0.6342
Daily SMA50	0.6478
Daily SMA100	0.6481
Daily SMA200	0.6481

Levels
Previous Daily High	0.636
Previous Daily Low	0.6243
Previous Weekly High	0.6373
Previous Weekly Low	0.6195
Previous Monthly High	0.6504
Previous Monthly Low	0.6192
Daily Fibonacci 38.2%	0.6288
Daily Fibonacci 61.8%	0.6315
Daily Pivot Point S1	0.6222
Daily Pivot Point S2	0.6174
Daily Pivot Point S3	0.6105
Daily Pivot Point R1	0.6339
Daily Pivot Point R2	0.6408
Daily Pivot Point R3	0.6456

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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