NZD/USD Price Analysis: As others capitulate NZD holds up relatively well

NZD/USD trades just above flat as it is the only major to trade positive against the dollar.
The price did stop at a significant resistance that will take some force to break.

Rajan Dhall, MSTA FX Daily

NZD/USD daily chart

The Kiwi dollar has performed much better than its major counterparts against the US dollar resurgence on Wednesday. The recovery in the greenback has been fueled by hopes of a fiscal deal but today's disappointing ADP data did go some way to stem the price rise. Interestingly, this strength comes despite a dovish RBNZ and maybe that will prevail over time.

Looking at the chart, the price has stopped close to the black line at 0.6792. The resistance level also matched up with the red trendline connecting the peaks of the recent wave highs. If the resistance level does break to the upside then the next tough point for the bulls could be the green line at 0.6950 which was a resistance in the past.

The indicators are looking bullish at the moment. The Relative Strength Index is at the overbought zone at the moment. The MACD signal lines are above the midpoint and the histogram is firmly in the green. Although this is an uptrend the Relative Strength Index is showing there could be a divergence forming.

Additional levels

NZD/USD

Overview
Today last price	0.6765
Today Daily Change	0.0007
Today Daily Change %	0.10
Today daily open	0.6758

Trends
Daily SMA20	0.6607
Daily SMA50	0.6581
Daily SMA100	0.639
Daily SMA200	0.6381

Levels
Previous Daily High	0.678
Previous Daily Low	0.6728
Previous Weekly High	0.6744
Previous Weekly Low	0.6514
Previous Monthly High	0.6764
Previous Monthly Low	0.6488
Daily Fibonacci 38.2%	0.6761
Daily Fibonacci 61.8%	0.6748
Daily Pivot Point S1	0.6731
Daily Pivot Point S2	0.6704
Daily Pivot Point S3	0.6679
Daily Pivot Point R1	0.6783
Daily Pivot Point R2	0.6808
Daily Pivot Point R3	0.6835

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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