NZD/USD Price Analysis: Extends bounce off 200-SMA towards 0.6560 hurdle

NZD/USD pares the biggest daily loss in two weeks, picks up bids to refresh intraday high of late.
12-day-old support line, 200-SMA challenge bears from retaking control.
RSI conditions hint at further recovery, bulls need validation from five-week-old horizontal resistance.

Anil Panchal FXStreet

NZD/USD refreshes intraday high around 0.6530 as it consolidates the biggest daily fall in a fortnight during Wednesday’s Asian session.

In doing so, the Kiwi pair stretches the previous day’s rebound from the 200-SMA towards a horizontal area comprising multiple levels marked since late April, around 0.6560.

The recovery moves also gain support from RSI (14) as the oscillator bounced off the 50 level as the NZD/USD prices improve.

Should the quote manage to successfully cross the 0.6560 hurdle, the late April swing high around 0.6650 and the 0.6700 threshold may entertain the pair buyers.

Meanwhile, an upward sloping trend line from mid-May, around 0.6490, could challenge the NZD/USD pullback ahead of the 200-SMA level near 0.6480.

However, the pair’s weakness below the key moving average won’t hesitate to direct the bears towards the monthly horizontal support zone near 0.6410.

NZD/USD: Four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.6529
Today Daily Change	0.0017
Today Daily Change %	0.26%
Today daily open	0.6512

Trends
Daily SMA20	0.64
Daily SMA50	0.6639
Daily SMA100	0.6688
Daily SMA200	0.6826

Levels
Previous Daily High	0.6565
Previous Daily Low	0.6483
Previous Weekly High	0.655
Previous Weekly Low	0.639
Previous Monthly High	0.6569
Previous Monthly Low	0.6217
Daily Fibonacci 38.2%	0.6514
Daily Fibonacci 61.8%	0.6534
Daily Pivot Point S1	0.6475
Daily Pivot Point S2	0.6438
Daily Pivot Point S3	0.6393
Daily Pivot Point R1	0.6557
Daily Pivot Point R2	0.6602
Daily Pivot Point R3	0.6639

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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