NZD/USD Price Analysis: Bouncing from trendline support at 0.6000

NZD/USD has found support on the upward trending support line at 0.6000.
The kiwi has retraced Wednesday's losses amid a brighter market mood.
The pair is testing now near term resistance at 0.6070, which might open pave the path towards April high at 0.6175.

Guillermo Alcala FXStreet

New Zealand dollar’s reversal from 0.6070 has found support at 0.6000 area to pare Wednesday’s losses and hit session highs right above 06050. The pair has been favoured by a positive market sentiment, which is fueling a moderate risk appetite, on hopes that easing coronavirus restrictions will help to kick off the economic recovery.

The daily chart shows the NZD/USD trading within an upward trending channel, with the bottom line, now at 0.6000 offering support to the pair.

NZD/USD daily chart

On a shorter-term perspective, however, the 4-hour chart shows a more mixed picture. The kiwi is right now pushing against immediate resistance area at 0.6075 (50 SMA and May 4 and 5 highs). A clear break above here might strengthen the pair to advance towards 0.6175 (April high) on its way to early March lows on the mid-range of 0.6200.

NZD/USD 4/hour chart

NZD/USD key levels to watch

NZD/USD

Overview
Today last price	0.607
Today Daily Change	0.0057
Today Daily Change %	0.95
Today daily open	0.6013

Trends
Daily SMA20	0.604
Daily SMA50	0.6041
Daily SMA100	0.6292
Daily SMA200	0.6346

Levels
Previous Daily High	0.6074
Previous Daily Low	0.6004
Previous Weekly High	0.6176
Previous Weekly Low	0.5991
Previous Monthly High	0.6176
Previous Monthly Low	0.5843
Daily Fibonacci 38.2%	0.6031
Daily Fibonacci 61.8%	0.6047
Daily Pivot Point S1	0.5986
Daily Pivot Point S2	0.596
Daily Pivot Point S3	0.5916
Daily Pivot Point R1	0.6057
Daily Pivot Point R2	0.6101
Daily Pivot Point R3	0.6127

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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