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.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.