NZD/USD Price Analysis: Bears flirting with ascending trend-line/50-hour SMA confluence support

NZD/USD edged lower on Monday, albeit showed some resilience at lower levels.
Mixed technical set-up warrants some caution before placing fresh directional bets.

Haresh Menghani FXStreet

The NZD/USD pair traded with a mild negative bias through the early North-American session, albeit the intraday downtick showed some resilience below the 50-hour SMA, which coincides with one-week-old ascending trend-line.

A decisive break through the mentioned confluence support might be seen as a fresh trigger for bearish traders. Some follow-through weakness below the 0.6060 horizontal level will reinforce the negative outlook and prompt some fresh selling.

The pair then might accelerate the fall further towards the 0.6030-25 intermediate support en-route the key 0.60 psychological mark before bears eventually aim towards testing the 200-hour SMA support near the 0.5975 region.

Meanwhile, technical indicators on the 1-hourly chart are still holding in the bullish territory. Moreover, oscillators on the daily chart have just started gaining positive traction and support prospects for the emergence of some dip-buying.

Hence, it will be prudent to wait for some strong follow-through selling before confirming that the recent strong recovery from 11-year lows might have already run out of steam and positioning for any further near-term downfall.

NZD/USD 1-hourly chart

Technical levels to watch

NZD/USD

Overview
Today last price	0.6083
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.6083

Trends
Daily SMA20	0.5913
Daily SMA50	0.6172
Daily SMA100	0.6379
Daily SMA200	0.6404

Levels
Previous Daily High	0.6104
Previous Daily Low	0.6011
Previous Weekly High	0.6104
Previous Weekly Low	0.585
Previous Monthly High	0.645
Previous Monthly Low	0.547
Daily Fibonacci 38.2%	0.6068
Daily Fibonacci 61.8%	0.6046
Daily Pivot Point S1	0.6028
Daily Pivot Point S2	0.5973
Daily Pivot Point S3	0.5935
Daily Pivot Point R1	0.6121
Daily Pivot Point R2	0.6159
Daily Pivot Point R3	0.6214

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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