NZD/USD Price Analysis: Bulls attack monthly hurdle surrounding 0.6350

NZD/USD struggles to extend three-day uptrend around weekly top.
One-month-old descending resistance line, 100-SMA probe buyers, 50-SMA restricts immediate downside.
RSI, MACD conditions signal firmer upside momentum of late.

Anil Panchal FXStreet

NZD/USD takes rounds to 0.6360 as it battles with the short-term key hurdle during Wednesday’s Asian session, after a three-day rebound from the two-year low.

In doing so, the Kiwi pair jostles with a downward sloping resistance line from late April amid firmer RSI and MACD conditions.

It’s worth noting that the 100-SMA level of 0.6405 also challenges the NZD/USD buyers, even if they manage to successfully cross the 0.6360 hurdle.

Following that, a run-up towards the 0.6500 and then to the monthly high near 0.6570 can’t be ruled out.

Alternatively, the 50-SMA level surrounding 0.6315-10 restricts the short-term downside of the NZD/USD pair ahead of the monthly low near 0.6215.

In a case where the pair drops below 0.6215, a late 2019 bottom around 0.6200 will be crucial to watch.

NZD/USD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.636
Today Daily Change	0.0052
Today Daily Change %	0.82%
Today daily open	0.6308

Trends
Daily SMA20	0.648
Daily SMA50	0.6717
Daily SMA100	0.6723
Daily SMA200	0.6852

Levels
Previous Daily High	0.6331
Previous Daily Low	0.6229
Previous Weekly High	0.6414
Previous Weekly Low	0.6217
Previous Monthly High	0.7035
Previous Monthly Low	0.6451
Daily Fibonacci 38.2%	0.6292
Daily Fibonacci 61.8%	0.6268
Daily Pivot Point S1	0.6247
Daily Pivot Point S2	0.6187
Daily Pivot Point S3	0.6145
Daily Pivot Point R1	0.635
Daily Pivot Point R2	0.6392
Daily Pivot Point R3	0.6453

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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