NZD/USD Price Analysis: Bounces 20 pips from session lows

NZD/USD trims losses as the hourly chart indicator reports oversold conditions.
A move above Friday's high is needed to invalidate bearish pressures.

Omkar Godbole FXStreet Contributor

NZD/USD is trading near 0.6028 at press time, having hit a low of 0.6008 an hour ago.

The bounce may be further extended to the 200-hour average at 0.6042 as the hourly relative strength index has recovered from under-30 or oversold levels, signaling scope for a corrective rally.

Acceptance above the 200-hour average would open the doors to the psychological level of 0.61.

Overall, the path of least resistance would remain to the downside as long as the spot holds below 0.6126, which is the high of the bearish marubozu candle created on Friday.

That said, a bullish reversal would be confirmed once the pair prints a daily close above 0.6176 – the high of the Doji candle created on Thursday.

Hourly chart

Trend: Bearish

Technical levels

NZD/USD

Overview
Today last price	0.6062
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.6062

Trends
Daily SMA20	0.603
Daily SMA50	0.6058
Daily SMA100	0.6309
Daily SMA200	0.6355

Levels
Previous Daily High	0.6128
Previous Daily Low	0.6046
Previous Weekly High	0.6176
Previous Weekly Low	0.5991
Previous Monthly High	0.6176
Previous Monthly Low	0.5843
Daily Fibonacci 38.2%	0.6077
Daily Fibonacci 61.8%	0.6097
Daily Pivot Point S1	0.603
Daily Pivot Point S2	0.5997
Daily Pivot Point S3	0.5948
Daily Pivot Point R1	0.6112
Daily Pivot Point R2	0.6161
Daily Pivot Point R3	0.6194

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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