NZD/USD Price Analysis: Aims to retest the five-month high, Hovers around 0.6220

NZD/USD extends its gains amid the improved Kiwi Manufacturing Index.
Business NZ PMI advanced to 46.7 in November from the previous readings of 42.5.
Technical indicators suggest retesting the five-month high at 0.6249.

Akhtar Faruqui FXStreet

NZD/USD continues its winning streak for the fifth successive day on the downbeat US Dollar (USD). The NZD/USD pair trades around 0.6220 during the European hours on Friday. Investors are expected to closely monitor the S&P Global Purchasing Managers Index (PMI) data on Friday.

Even positive economic data from the United States (US), including a 0.3% increase in Retail Sales (MoM) for November and reduced Initial Jobless Claims at 202K, failed to underpin the USD. Moreover, the Kiwi Business NZ PMI for November rose to 46.7 from the previous 42.5, which might have provided upward support for the New Zealand Dollar (NZD).

The 14-day Relative Strength Index (RSI) is above the 50 level, indicating a bullish sentiment, which suggests that the NZD/USD pair could retest the five-month high at 0.6249 lined up with the 0.6250 major level. If the NZD/USD pair manages to surpass the resistance area, it might find support to venture into the psychological region near 0.6300.

Additionally, the positive positioning of the Moving Average Convergence Divergence (MACD) line above both the centerline and the signal line could serve as confirmation of bullish momentum in the market.

On the downside, a break below the psychological support level of 0.6200 could push the pair to fall to the 23.6% Fibonacci retracement at 0.6165 before the major support at 0.6150. A decisive break below the level could lead the NZD/USD pair to navigate the region around the 14-day Exponential Moving Average (EMA) at 0.6149.

NZD/USD: Daily Chart:

NZD/USD: more technical levels to watch

Overview
Today last price	0.6219
Today Daily Change	0.0007
Today Daily Change %	0.11
Today daily open	0.6212

Trends
Daily SMA20	0.6119
Daily SMA50	0.5993
Daily SMA100	0.598
Daily SMA200	0.6089

Levels
Previous Daily High	0.6287
Previous Daily Low	0.6168
Previous Weekly High	0.6223
Previous Weekly Low	0.6103
Previous Monthly High	0.6208
Previous Monthly Low	0.5788
Daily Fibonacci 38.2%	0.6242
Daily Fibonacci 61.8%	0.6214
Daily Pivot Point S1	0.6158
Daily Pivot Point S2	0.6104
Daily Pivot Point S3	0.6039
Daily Pivot Point R1	0.6277
Daily Pivot Point R2	0.6341
Daily Pivot Point R3	0.6395

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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