NZD/USD Price Analysis: Bull cross represents by 20- and 50-EMAs supports kiwi

Kiwi bulls look firmer above 23.6% Fibo retracement placed at 0.6286.
The 20- and 50-period EMAs have displayed a bull cross at 0.6265, which strengthens the antipodean.
A decisive move by the RSI (14) above 60.00 will confirm an upside momentum.

Sagar Dua FXStreet

The NZD/USD pair has turned sideways after a vertical upside move on Wednesday. The asset attracted significant bids to near 0.6200 and advanced firmly and now has turned sideways in a 0.6262-0.6310 range.

On an hourly scale, the asset has surpassed the 23.6% Fibonacci retracement (which is placed from June 3 high at 0.6576 to Tuesday’s low at 0.6196) at 0.6286. The pair is expected to display a consolidation phase going forward, which will turn into a fresh leg of upside momentum. Also, an establishment above 23.6% Fibo retracement warrant a bullish reversal.

The 20- and 50-period Exponential Moving Averages (EMAs) have displayed a bull cross at 0.6265, which adds to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) is attempting to cross the 60.00 hurdle, which will infuse an adrenaline rush into the kiwi bulls.

A decisive move above Thursday’s high at 0.6311 will drive the asset towards 38.2% Fibo retracement at 0.6341, followed by June 9 low at 0.6379.

Alternatively, the greenback bulls could regain control if the asset drops below Wednesday’s low at 0.6214, which will drag the asset towards Tuesday’s low at 0.6196. A breach of the latter will expose the major to more downside towards the 26 May 2020 low at 0.6094.

NZD/USD hourly chart

NZD/USD

Overview
Today last price	0.6296
Today Daily Change	-0.0012
Today Daily Change %	-0.19
Today daily open	0.6308

Trends
Daily SMA20	0.6431
Daily SMA50	0.652
Daily SMA100	0.6648
Daily SMA200	0.6791

Levels
Previous Daily High	0.6313
Previous Daily Low	0.6208
Previous Weekly High	0.6538
Previous Weekly Low	0.6348
Previous Monthly High	0.6569
Previous Monthly Low	0.6217
Daily Fibonacci 38.2%	0.6273
Daily Fibonacci 61.8%	0.6248
Daily Pivot Point S1	0.6239
Daily Pivot Point S2	0.617
Daily Pivot Point S3	0.6133
Daily Pivot Point R1	0.6345
Daily Pivot Point R2	0.6382
Daily Pivot Point R3	0.6451

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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