NZD/USD Price Analysis: Bulls attack 12-day-old resistance below 0.6200

NZD/USD picks up bids to refresh intraday high, extends recovery from six-week low.
Impending bull cross signals further upside, 50-SMA adds to the upside filters.
Sellers have a bumpy road to the south before testing yearly low.

Anil Panchal FXStreet

NZD/USD refreshes intraday top around 0.6180 while extending the previous day’s rebound from a 1.5-month low during Tuesday’s mid-Asian session.

In doing so, the Kiwi pair pokes the downward sloping resistance line from August 12 by stretching the bounce from a seven-week-old horizontal support area.

That said, a clear upside break of the 0.6170 appears necessary to convince NZD/USD bulls ahead of pushing them to the 50-SMA hurdle surrounding 0.6195, as well as to the 0.6200 threshold.

Following that, the 61.8% Fibonacci retracement level of July-August upside near 0.6220 and the month-start peak of 0.6353 will be crucial to watch for the buyers.

Meanwhile, a pullback from the current levels remains elusive until staying beyond the aforementioned horizontal support zone near 0.6100.

Also acting as immediate support is the one-week-old downward sloping trend line, around 0.6085.

Even if the NZD/USD prices decline below 0.6085, the quote needs validation from the yearly low marked in July, around 0.6060, before challenging the 0.6000 psychological magnet.

NZD/USD: Four-hour chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price	0.6158
Today Daily Change	0.0003
Today Daily Change %	0.05%
Today daily open	0.6155

Trends
Daily SMA20	0.6276
Daily SMA50	0.6244
Daily SMA100	0.6366
Daily SMA200	0.6577

Levels
Previous Daily High	0.6168
Previous Daily Low	0.6101
Previous Weekly High	0.6252
Previous Weekly Low	0.6132
Previous Monthly High	0.633
Previous Monthly Low	0.6061
Daily Fibonacci 38.2%	0.6142
Daily Fibonacci 61.8%	0.6127
Daily Pivot Point S1	0.6115
Daily Pivot Point S2	0.6074
Daily Pivot Point S3	0.6048
Daily Pivot Point R1	0.6182
Daily Pivot Point R2	0.6208
Daily Pivot Point R3	0.6249

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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