NZD/USD Price Analysis: At 23-month tops on NZ Retail Sales big beat, teasing key hurdle


  • NZD/USD teasing rising wedge hurdle on the hourly chart.
  • Hourly RSI stays bullish and points north, further upside likely.
  • 0.6919 is the level to beat for the kiwi bears.

NZD/USD extends its rally to hit the highest levels since December 2018 above 0.6950, as the bulls rejoice a big beat on New Zealand’s Retail Sales data.

The NZ retail consumer spending jumped by 28% QoQ in Q3 vs. 20% expected. Meanwhile, successful vaccine trials—led risk-on mood also adds to the strength in the Kiwi.

From a technical perspective, the spot caught a fresh bid-wave after it managed to hold the critical 50-hourly moving average support at 0.6919.

The bulls recaptured the 21-HMA support-turned-resistance, as it marched higher to test a potential rising wedge pattern’s upside barrier at 0.6953.

An hourly closing above the latter could open doors towards the December 2018 high of 0.6971 en route to the key 0.7000 level. The hourly Relative Strength Index (RSI) points higher within the bullish zone, supporting the case for the additional upside.

To the downside, immediate support is seen at 21-HMA, now at 0.6938. Acceptance below the last could put the strong cushion at 0.6919 at risk. That level is the intersection of the 50-HMA and rising trendline support.

The next downside target is seen at the 100-HMA, which is at 0.6911.       

NZD/USD: Hourly chart

NZD/USD: Additional levels

NZD/USD

Overview
Today last price 0.6955
Today Daily Change 0.0016
Today Daily Change % 0.23
Today daily open 0.6939
 
Trends
Daily SMA20 0.6781
Daily SMA50 0.6693
Daily SMA100 0.6656
Daily SMA200 0.6418
 
Levels
Previous Daily High 0.6952
Previous Daily Low 0.6904
Previous Weekly High 0.6952
Previous Weekly Low 0.6841
Previous Monthly High 0.6726
Previous Monthly Low 0.6546
Daily Fibonacci 38.2% 0.6934
Daily Fibonacci 61.8% 0.6923
Daily Pivot Point S1 0.6911
Daily Pivot Point S2 0.6884
Daily Pivot Point S3 0.6863
Daily Pivot Point R1 0.696
Daily Pivot Point R2 0.698
Daily Pivot Point R3 0.7008

 

 

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