NZD/USD Price Analysis: Bulls seem tiring near weekly peak above 0.6600

NZD/USD drops from 0.6648 after rising for two consecutive days.
Overbought RSI conditions, a three-week-old horizontal resistance probe buyers.
A falling trend line from July, 200-bar SMA on sellers radars.

Anil Panchal FXStreet

NZD/USD eases from intraday high of 0.6648 to 0.6631 amid the early Thursday’s trading. In doing so, the kiwi pair steps back from one-week high amid overbought RSI conditions.

Other than the overbought RSI conditions, a horizontal area since August 07, surrounding 0.6652/56, also challenge the bulls.

As a result, intraday sellers may aim for the monthly support line, previous resistance, around 0.6615 ahead of 200-bar SMA level near 0.6595.

While bullish MACD suggests the pair’s bounce off any small support, the break of 0.6595 can recall 0.6565 and the 0.6500 threshold back to the chart.

On the upside, a clear break above 0.6656 will need validation from 0.6660 to attack the monthly high of 0.6691.

NZD/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.663
Today Daily Change	9 pips
Today Daily Change %	0.14%
Today daily open	0.6621

Trends
Daily SMA20	0.6591
Daily SMA50	0.656
Daily SMA100	0.6364
Daily SMA200	0.6375

Levels
Previous Daily High	0.6624
Previous Daily Low	0.6544
Previous Weekly High	0.6652
Previous Weekly Low	0.6488
Previous Monthly High	0.6716
Previous Monthly Low	0.644
Daily Fibonacci 38.2%	0.6593
Daily Fibonacci 61.8%	0.6574
Daily Pivot Point S1	0.6569
Daily Pivot Point S2	0.6516
Daily Pivot Point S3	0.6488
Daily Pivot Point R1	0.6649
Daily Pivot Point R2	0.6677
Daily Pivot Point R3	0.6729

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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