NZD/USD Price Analysis: Extends its gains near 0.6230 ahead of US housing data

NZD/USD gains ground despite downbeat trade data from New Zealand.
Technical indicators suggest bullish sentiment to revisit a five-month high at 0.6251.
The psychological level at 0.6200 could act as key support followed by the nine-day EMA at 0.6186.

Akhtar Faruqui FXStreet

NZD/USD continues its winning streak that began on December 11 despite disappointing trade figures from New Zealand. The NZD/USD rises around 0.6230 during the European hours on Tuesday.

The Trade Balance NZD (MoM) data for November, as reported by Statistics New Zealand, revealed a trade deficit of $1,234 million, slightly higher than the expected deficit of $1,200 million. On a year-on-year basis, the deficit stood at $13.87 billion, less than the anticipated deficit of $14.82 billion.

The 14-day Relative Strength Index (RSI) is above the 50 level, signaling a bullish sentiment. This suggests that the NZD/USD pair could potentially retest the 0.6250 major level, in line with the five-month high at 0.6251. If the pair manages to break through this resistance area, it may find support to explore the psychological region near 0.6300.

Additionally, the positive positioning of the Moving Average Convergence Divergence (MACD) line above both the centerline and the signal line could serve as confirmation of bullish momentum in the market.

On the downside, a break below the psychological support level of 0.6200 could push the NZD/USD pair to fall to the area near the nine-day Exponential Moving Average (EMA) at 0.6186 level followed by the 23.6% Fibonacci retracement at 0.6165 before the major support at 0.6150.

NZD/USD: Daily Chart:

NZD/USD: Other technical levels to watch

Overview
Today last price	0.6234
Today Daily Change	0.0026
Today Daily Change %	0.42
Today daily open	0.6208

Trends
Daily SMA20	0.6138
Daily SMA50	0.6001
Daily SMA100	0.598
Daily SMA200	0.6089

Levels
Previous Daily High	0.6252
Previous Daily Low	0.6186
Previous Weekly High	0.6287
Previous Weekly Low	0.6084
Previous Monthly High	0.6208
Previous Monthly Low	0.5788
Daily Fibonacci 38.2%	0.6227
Daily Fibonacci 61.8%	0.6212
Daily Pivot Point S1	0.6179
Daily Pivot Point S2	0.615
Daily Pivot Point S3	0.6114
Daily Pivot Point R1	0.6245
Daily Pivot Point R2	0.6281
Daily Pivot Point R3	0.631

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.

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