NZD/USD Price Analysis: Could test the psychological support of 0.6100

NZD/USD pulls back from a two-month high of 0.6140 marked on Thursday.
Technical analysis suggests a confirmation of the bullish trend for the pair.
The pair could find the key resistance at the major level of 0.6150.

Akhtar Faruqui FXStreet

NZD/USD retreats from a two-month high of 0.6140, trading around 0.6110 during the European session on Thursday. The pair depreciates due to an upward correction in the US Dollar (USD), which could be attributed to the improved US Treasury yields.

As per the technical analysis, the momentum indicator Moving Average Convergence Divergence (MACD) suggests an upward trend for the NZD/USD pair. This is indicated by the placement of the MACD line above the centerline and shows the divergence above the signal line.

Additionally, the 14-day Relative Strength Index (RSI) remains above the 50 level, indicating a confirmation of the bullish sentiment.

On a daily chart, the key resistance appears at the major level of 0.6150. A break above this level could lead the NZD/USD pair to explore the region around the psychological level of 0.6200, followed by March’s high at 0.6218.

On the downside, the psychological level of 0.6100 could act as the immediate support, followed by the 23.6% Fibonacci retracement level of 0.6081, plotting within coordinates of 0.5886 and 0.6141. A break below the latter could prompt the NZD/USD pair to navigate the region around the 14-day Exponential Moving Average (EMA) at 0.6026.

NZD/USD: Daily Chart

NZD/USD

Overview
Today last price	0.6111
Today Daily Change	-0.0011
Today Daily Change %	-0.18
Today daily open	0.6122

Trends
Daily SMA20	0.5974
Daily SMA50	0.6009
Daily SMA100	0.6081
Daily SMA200	0.6038

Levels
Previous Daily High	0.6126
Previous Daily Low	0.6025
Previous Weekly High	0.6041
Previous Weekly Low	0.598
Previous Monthly High	0.6079
Previous Monthly Low	0.5851
Daily Fibonacci 38.2%	0.6088
Daily Fibonacci 61.8%	0.6064
Daily Pivot Point S1	0.6056
Daily Pivot Point S2	0.599
Daily Pivot Point S3	0.5956
Daily Pivot Point R1	0.6157
Daily Pivot Point R2	0.6192
Daily Pivot Point R3	0.6258

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD drops to daily lows near 1.1630

EUR/USD now loses some traction and slips back to the area of daily lows around 1.1630 on the back of a mild bounce in the US Dollar. Fresh US data, including the September PCE inflation numbers and the latest read on December consumer sentiment, didn’t really move the needle, so the pair is still on course to finish the week with a respectable gain.

GBP/USD trims gains, recedes toward 1.3320

GBP/USD is struggling to keep its daily advance, coming under fresh pressure and retreating to the 1.3320 zone following a mild bullish attempt in the Greenback. Even though US consumer sentiment surprised to the upside, the US Dollar isn’t getting much love, as traders are far more interested in what the Fed will say next week.

Gold makes a U-turn, back to $4,200

Gold is now losing the grip and receding to the key $4,200 region per troy ounce following some signs of life in the Greenback and a marked bounce in US Treasury yields across the board. The positive outlook for the precious metal, however, remains underpinned by steady bets for extra easing by the Fed.