• NZD/USD has scaled above 0.5700 as a rebound move has turned into a reversal.

  • Kiwi bulls have crossed above the 10-and-20-EMA vigorously.

  • The RSI (14) has delivered a range shift in a 40.00-60.00 territory.

The NZD/USD pair has extended its gains after overstepping the immediate hurdle of 0.5692 in the early European session. The asset has refreshed its intraday high above 0.5700 and is expected to advance further as the upside momentum seems upbeat amid weakness in the US dollar index (DXY).

On an hourly scale, the kiwi bulls have attempted to enter into the prior balanced area in a 0.5700-0.5760 range. The balance area indicates a region where most of the auction activity took place. This is also recognized as a mark-down inventory distribution phase, which facilitated market participants to initiate shorts after the establishment of a bearish bias.

The asset has crossed the 10-and 20-period Exponential Moving Averages (EMAs) at 0.5677 and 0.5682 respectively. It is worth noting that the 10-EMA is still below the 20-EMA, which indicates that the upside momentum is extremely strong.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range from the bearish territory of 20.00-40.00. This indicates that the kiwi bulls are not bearish for the time being.

A decisive break above the aforementioned balance area will send the asset towards the round-level resistance at 0.5800, followed by Friday’s high at 0.5888.

On the contrary, the kiwi bulls could lose their control if the asset drops below Monday’s low at 0.5625. An occurrence of the same will drag the asset towards the 23 March 2020 low and the psychological support at 0.5586 and 0.5500 respectively.

NZD/USD hourly chart

NZD/USD

Overview
Today last price 0.5704
Today Daily Change 0.0067
Today Daily Change % 1.19
Today daily open 0.5637
 
Trends
Daily SMA20 0.5991
Daily SMA50 0.6158
Daily SMA100 0.6237
Daily SMA200 0.6495
 
Levels
Previous Daily High 0.5755
Previous Daily Low 0.5625
Previous Weekly High 0.6003
Previous Weekly Low 0.573
Previous Monthly High 0.647
Previous Monthly Low 0.6101
Daily Fibonacci 38.2% 0.5675
Daily Fibonacci 61.8% 0.5705
Daily Pivot Point S1 0.559
Daily Pivot Point S2 0.5542
Daily Pivot Point S3 0.5459
Daily Pivot Point R1 0.572
Daily Pivot Point R2 0.5803
Daily Pivot Point R3 0.585

 

 

 

 

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