NZD/USD Price Analysis: Buyers remains hopeful while above 21-DMA

NZD/USD holds onto critical 21-DMA support.
Daily RSI remains in the bullish region,
All eyes on US Q3 GDP and Jobless Claims.

Dhwani Mehta FXStreet

The recovery momentum in NZD/USD remains intact in early Europe, as the buyers remain hopeful amid a 1% rebound in the S&P 500 futures and broad-based US dollar retreat. The dollar bulls take a breather ahead of the key US Q3 GDP and Jobless Claims data.

From a near-term technical perspective, the sentiment around the kiwi remains underpinned so long as the bulls manage to defend the 21-day moving average (DMA) at 0.6635.

At the press time, the spot is looking to extend the upside, having recaptured the 50-DMA barrier at 0.6647.

The buyers now target the 0.6700 level before retesting Wednesday’s high of 0.6721. The 14-day Relative Strength Index (RSI) holds above the midline, allowing for more gains.

Meanwhile, the spot has regained ground above all the major DMAs.

A sustained break below the 21-DMA support is critical to unleashing the downside. The next cushion awaits at the horizontal 100-DMA of 0.6600.

Acceptance below the latter will likely put the four-month-old ascending trendline support, now at 0.6567, at risk.

NZD/USD: Daily chart

NZD/USD: Additional levels

NZD/USD

Overview
Today last price	0.6657
Today Daily Change	0.0016
Today Daily Change %	0.24
Today daily open	0.6639

Trends
Daily SMA20	0.6634
Daily SMA50	0.6645
Daily SMA100	0.6597
Daily SMA200	0.6391

Levels
Previous Daily High	0.6721
Previous Daily Low	0.6629
Previous Weekly High	0.6705
Previous Weekly Low	0.6553
Previous Monthly High	0.6799
Previous Monthly Low	0.6511
Daily Fibonacci 38.2%	0.6664
Daily Fibonacci 61.8%	0.6686
Daily Pivot Point S1	0.6605
Daily Pivot Point S2	0.6571
Daily Pivot Point S3	0.6512
Daily Pivot Point R1	0.6697
Daily Pivot Point R2	0.6755
Daily Pivot Point R3	0.6789

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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