- NZD/USD extends the previous day’s rebound to refresh one-week high.
- Clear break of three-week-old descending trend line, bullish MACD and firmer RSI favor bulls.
- Weekly support line, October 2020 high will challenge bears.
NZD/USD pierces 50-SMA to refresh weekly top around 0.6800 during early Wednesday.
The kiwi pair’s latest run-up could be linked to the sustained break of a descending trend line from November 18. Also favoring the pair buyers are the bullish MACD signals and firmer RSI line, not overbought.
It should be noted, however, that a clear run-up past 50-SMA level of 0.6805 becomes necessary for the NZD/USD prices to aim for a 10-week-old horizontal area surrounding 0.6860-65, a break of which will recall the 0.6900 threshold to the charts.
Should NZD/USD fades upside momentum, the previous resistance line near 0.6785 will precede the recent lows near 0.6735 and the 0.6700 round figure to lure the short-term sellers.
Additionally, the quote’s bearish impulsive past-0.6700, it becomes vulnerable to slump towards the November 2020 lows near 0.6590 will be in focus.
To sum up, NZD/USD rebound need validation before convincing the bulls.
NZD/USD: Four-hour chart
Trend: Further upside expected
Additional important levels
|Today last price||0.6798|
|Today Daily Change||0.0011|
|Today Daily Change %||0.16%|
|Today daily open||0.6787|
|Previous Daily High||0.6788|
|Previous Daily Low||0.6736|
|Previous Weekly High||0.6868|
|Previous Weekly Low||0.6741|
|Previous Monthly High||0.7199|
|Previous Monthly Low||0.6773|
|Daily Fibonacci 38.2%||0.6768|
|Daily Fibonacci 61.8%||0.6756|
|Daily Pivot Point S1||0.6752|
|Daily Pivot Point S2||0.6718|
|Daily Pivot Point S3||0.67|
|Daily Pivot Point R1||0.6804|
|Daily Pivot Point R2||0.6822|
|Daily Pivot Point R3||0.6856|
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