NZD/USD Price Analysis: Extends recovery moves from monthly support line

NZD/USD defies the previous day’s declines while printing 0.10% gains.
An upward sloping trend line from June 30 holds the gate for the fall towards the key Fibonacci retracement levels.
A one-week-old resistance line guards the near-term upside.

Anil Panchal FXStreet

NZD/USD seesaws around 0.6540 during the early Friday’s trading. In doing so, the kiwi pair keeps its pullback moves from the short-term support line. It’s worth mentioning that the quote dropped heavily the previous day.

Hence, buyers might aim to refresh the monthly top near 0.6600. However, bearish MACD and nearby falling trend line, currently around 0.6580, questions the bulls.

If at all the NZD/USD prices cross all odds to and remain firm past-0.6600, the mid-January month high near 0.6665 could gain the market’s attention.

Alternatively, the pair’s declines below the adjacent support line, at 0.6530, can attack 50% Fibonacci retracement of June 30 to July 09 upside, at 0.6493.

Should bears refrain from stepping back, 61.8% Fibonacci retracement level of 0.6467 and June 26 high of 0.6451 will flash on their radars.

NZD/USD four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.6543
Today Daily Change	7 pips
Today Daily Change %	0.11%
Today daily open	0.6536

Trends
Daily SMA20	0.6501
Daily SMA50	0.6359
Daily SMA100	0.6198
Daily SMA200	0.6341

Levels
Previous Daily High	0.6579
Previous Daily Low	0.6527
Previous Weekly High	0.6601
Previous Weekly Low	0.6519
Previous Monthly High	0.6585
Previous Monthly Low	0.6186
Daily Fibonacci 38.2%	0.6547
Daily Fibonacci 61.8%	0.6559
Daily Pivot Point S1	0.6515
Daily Pivot Point S2	0.6495
Daily Pivot Point S3	0.6463
Daily Pivot Point R1	0.6567
Daily Pivot Point R2	0.6599
Daily Pivot Point R3	0.6619

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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