NZD/USD Price Analysis: Edges higher past 0.6050 within immediate triangle but stays on bear’s radar

NZD/USD picks up bids within three-day-old descending triangle.
RSI’s rebound from oversold territory, bullish MACD signals suggest further corrective bounce of the Kiwi pair.
Buyers to stay skeptical below 0.6250 resistance confluence.

Anil Panchal FXStreet

NZD/USD prints mild gains around 0.6050 inside a bullish triangle formation portrayed at the yearly low. In doing so, the Kiwi pair justifies the RSI (14) line’s recovery from the oversold territory, as well as the bullish MACD signals, during early Tuesday.

As a result, the pair buyers may witness the further recovery of the quote towards the stated triangle’s top line, surrounding 0.6070 at the latest, ahead of poking the 0.6100 round figure.

Following that, a convergence of the previous support line stretched from late April and a 13-day-old descending resistance line, around 0.6250 by the press time, will be in the spotlight as it holds the key for the NZD/USD bull’s dominance.

It should be noted that the mid-May swing low around 0.6180-85 can act as an intermediate halt between 0.6100 and 0.6250.

Alternatively, a downside break of the stated triangle’s bottom line of around 0.6040 can quickly fetch the quote towards the 0.6000 psychological magnet.

Should the NZD/USD pair remains weak past the 0.6000 round figure, it becomes vulnerable to testing the early October 2022 peak of 0.5815.

Overall, NZD/USD stays bearish unless breaking the 0.6250 key hurdle.

NZD/USD: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.6058
Today Daily Change	0.0004
Today Daily Change %	0.07%
Today daily open	0.6054

Trends
Daily SMA20	0.6221
Daily SMA50	0.6217
Daily SMA100	0.6264
Daily SMA200	0.6153

Levels
Previous Daily High	0.6072
Previous Daily Low	0.6044
Previous Weekly High	0.6303
Previous Weekly Low	0.6032
Previous Monthly High	0.6389
Previous Monthly Low	0.6111
Daily Fibonacci 38.2%	0.6055
Daily Fibonacci 61.8%	0.6061
Daily Pivot Point S1	0.6041
Daily Pivot Point S2	0.6029
Daily Pivot Point S3	0.6013
Daily Pivot Point R1	0.6069
Daily Pivot Point R2	0.6085
Daily Pivot Point R3	0.6097

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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