NZD/USD Price Analysis: Ascending-triangle targets 0.6300

The NZD/USD is pairing Monday’s losses, up by 0.84%.
From a daily chart perspective, the NZD/USD is neutral-upward biased, though it needs to clear 0.6200.
An ascending channel in the NZD/USD 4-hour chart will exacerbate a rally towards 0.6300.

Christian Borjon Valencia FXStreet

The New Zealand Dollar (NZD) trims Monday’s losses and rises back above the 0.6100 figure due to overall US Dollar (USD) weakness, as market sentiment improved, though it remains fragile. Therefore, the NZD/USD is trading at 0.6148, above its opening price by 0.80%, after hitting a daily low of 0.6094.

NZD/USD Price Analysis: Technical outlook

From a daily chart perspective, the NZD/USD is neutral-to-upward biased, consolidated for the last six days, within the 0.6100 – 0.6200 range. Of note, the NZD/USD exited from a descending channel six days ago, a solid breakout, meaning that the major might rally toward higher prices. Nevertheless, although in bullish territory, the Relative Strength Index (RSI) aims downwards, meaning buyers are losing momentum or getting a respite ahead of challenging the 200-day Exponential Moving Average (EMA) at 0.6303.

Short term, the NZD/USD 4-hour chart suggests an ascending channel is forming, which, once broken to the upside, would expose key resistance levels. Nevertheless, the NZD/USD is struggling to clear the R1 daily pivot at 0.6150, which, once cleared, could open the door toward 0.6200, followed by the August 24 swing high at 0.6251, ahead of the 0.6300 psychological level.

NZD/USD Key Technical Levels

NZD/USD

Overview
Today last price	0.6152
Today Daily Change	0.0050
Today Daily Change %	0.82
Today daily open	0.6102

Trends
Daily SMA20	0.5952
Daily SMA50	0.5824
Daily SMA100	0.6017
Daily SMA200	0.631

Levels
Previous Daily High	0.617
Previous Daily Low	0.6087
Previous Weekly High	0.6206
Previous Weekly Low	0.6062
Previous Monthly High	0.5874
Previous Monthly Low	0.5512
Daily Fibonacci 38.2%	0.6119
Daily Fibonacci 61.8%	0.6138
Daily Pivot Point S1	0.6069
Daily Pivot Point S2	0.6037
Daily Pivot Point S3	0.5987
Daily Pivot Point R1	0.6152
Daily Pivot Point R2	0.6202
Daily Pivot Point R3	0.6234

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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