NZD/USD Price Analysis: Drops back towards 200-EMA around 0.6250, buyers stay hopeful

NZD/USD remains depressed around intraday low as it snaps two-day winning streak.
Bullish MACD signals, 200-EMA and nearby rising trend line keeps buyers hopeful unless breaking 0.6180 support.
One-month-old ascending resistance line challenges Kiwi pair’s immediate upside.

Anil Panchal FXStreet

NZD/USD prints the first daily loss in three as bears flirt with the 0.6250 level heading into Monday’s European session. In doing so, the Kiwi pair reverses from an upward-sloping resistance line from late February while dropping toward the 200-bar Exponential Moving Average (EMA).

Even if the one-month-long ascending trend line resistance challenges NZD/USD bulls near 0.6285, the pair’s sustained trading beyond the key EMA joins the bullish MACD signals to keep buyers hopeful.

That said, a one-week-old upward-sloping support line, close to 0.6175 at the latest, also restricts the short-term downside of the NZD/USD pair, in addition to the 200-EMA level surrounding 0.6240.

In a case where the Kiwi pair drops below 0.6175, the odds of witnessing a slump toward the monthly low near 0.6085 can’t be ruled out.

On the flip side, a clear upside break of the stated resistance line, near 0.6285 at the latest, will need validation from the 0.6300 round figure to propel the quote towards the tops marked during early February near 0.6390.

Following that, a run-up toward the Year-To-Date (YTD) high of nearly 0.6540 can’t be ruled out.

To sum up, NZD/USD remains on the bull’s radar despite the latest failure to cross the short-term resistance line.

NZD/USD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.625
Today Daily Change	-0.0019
Today Daily Change %	-0.30%
Today daily open	0.6269

Trends
Daily SMA20	0.6194
Daily SMA50	0.6313
Daily SMA100	0.6263
Daily SMA200	0.6162

Levels
Previous Daily High	0.6278
Previous Daily Low	0.6178
Previous Weekly High	0.6278
Previous Weekly Low	0.6131
Previous Monthly High	0.6538
Previous Monthly Low	0.6131
Daily Fibonacci 38.2%	0.624
Daily Fibonacci 61.8%	0.6216
Daily Pivot Point S1	0.6205
Daily Pivot Point S2	0.6141
Daily Pivot Point S3	0.6105
Daily Pivot Point R1	0.6305
Daily Pivot Point R2	0.6342
Daily Pivot Point R3	0.6406

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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