NZD/USD Price Analysis: Defensive around 200-SMA amid mixed clues


  • NZD/USD keeps recovery moves from monthly low, picks up bids of late.
  • 200-SMA, weekly resistance line challenge bulls amid sluggish Momentum line.
  • Bears keep 50% Fibonacci retracement level on the radar.

NZD/USD holds onto a rebound from the monthly bottom, recently picking up bids to 0.7015 heading into Wednesday’s European session. In doing so, the Kiwi pair registers 0.13% intraday gains, the most in over a week by the press time.

Even so, the sluggish Momentum line keeps the quote capped around 200-SMA, not to forget mentioning the trade below one-week-old trend line resistance.

Hence, the recovery moves remain less important before crossing the resistance line figures of 0.7040. Before that, the key moving average near 0.7025 guards immediate upside.

In a case where NZD/USD rises past 0.7040, the 0.7080 and the 0.7100 levels may entertain the pair buyers ahead of the monthly peak of 0.7171.

On the flip side, 50% Fibonacci retracement of the late August to early September upside, around 0.6985, restricts the pair’s nearby downside.

Also, important support is a horizontal area comprising multiple levels marked since August 17, close to 0.6930.

Overall, NZD/USD remains pressured towards the sub-0.7000 area but intermediate consolidation can’t be ruled out.

NZD/USD: Four-hour chart

Trend: Further weakness expected

Additional impotant levels

Overview
Today last price 0.7016
Today Daily Change 0.0010
Today Daily Change % 0.14%
Today daily open 0.7006
 
Trends
Daily SMA20 0.7067
Daily SMA50 0.7011
Daily SMA100 0.7071
Daily SMA200 0.7117
 
Levels
Previous Daily High 0.7057
Previous Daily Low 0.6993
Previous Weekly High 0.7151
Previous Weekly Low 0.7025
Previous Monthly High 0.7089
Previous Monthly Low 0.6805
Daily Fibonacci 38.2% 0.7017
Daily Fibonacci 61.8% 0.7033
Daily Pivot Point S1 0.698
Daily Pivot Point S2 0.6955
Daily Pivot Point S3 0.6916
Daily Pivot Point R1 0.7044
Daily Pivot Point R2 0.7083
Daily Pivot Point R3 0.7108

 

 

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