NZD/USD Price Analysis: Bulls remain in control above 0.6500 mark, NFP eyed

NZD/USD gained some strong positive traction on Thursday and broke through 0.6500 hurdle.
The move-up marked a near-term breakout through a bullish flag pattern on short-term charts.
The pair now seems all set to aim back to test June swing highs, around the 0.6580-85 region.

Haresh Menghani FXStreet

The NZD/USD pair continued scaling higher through the mid-European session and climbed back closer to last week's swing high, around the 0.6530-35 region in the last hour.

A sustained move beyond the key 0.6500 psychological mark, which coincided with the top end of a three-week-old descending trend-channel, was seen as a key trigger for bullish traders. The mentioned channel constituted towards the formation of a bullish continuation flag pattern on short-term charts, which supports prospects for an extension of the recent positive move witnessed over the past three months or so.

Hence, some follow-through strength back towards June monthly tops, around the 0.6580-85 region, now looks a distinct possibility. The constructive outlook is further reinforced by bullish technical indicators on the daily chart. However, RSI on hourly charts is already flashing slightly overbought conditions and warrant some caution for bulls ahead of the closely-watched US monthly jobs report – NFP.

On the flip side, dips towards the mentioned channel resistance breakpoint, around the 0.6500 mark, might now be seen as a buying opportunity. This, in turn, should help limit the slide near the 0.6460-55 horizontal level. Any subsequent weakness might accelerate the slide back towards the 0.6385-80 support zone.

NZD/USD 4-hourly chart

Technical levels to watch

NZD/USD

Overview
Today last price	0.653
Today Daily Change	0.0052
Today Daily Change %	0.80
Today daily open	0.6478

Trends
Daily SMA20	0.6463
Daily SMA50	0.6252
Daily SMA100	0.6178
Daily SMA200	0.6327

Levels
Previous Daily High	0.649
Previous Daily Low	0.644
Previous Weekly High	0.6534
Previous Weekly Low	0.6383
Previous Monthly High	0.6585
Previous Monthly Low	0.6186
Daily Fibonacci 38.2%	0.6471
Daily Fibonacci 61.8%	0.6459
Daily Pivot Point S1	0.6448
Daily Pivot Point S2	0.6419
Daily Pivot Point S3	0.6398
Daily Pivot Point R1	0.6498
Daily Pivot Point R2	0.6519
Daily Pivot Point R3	0.6548

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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