NZD/USD Price Analysis: fades bounce off 21-DMA below 0.6300

NZD/USD struggles to defend buyers inside monthly rising wedge bears formation.
Steady RSI, receding bullish bias of MACD tease sellers.
Previous resistance line from April adds to the downside filters.
Bulls have a bumpy road to the north unless crossing 0.6565 hurdle.

Anil Panchal FXStreet

NZD/USD retreats towards 0.6250, fading the bounce off 21-DMA inside a one-month-old rising wedge bearish pattern amid Thursday’s initial Asian session.

In addition to the latest failures to defend buyers, the steady RSI (14) and the receding bullish bias of the MACD also teases the NZD/USD sellers.

However, a clear downside break of the aforementioned rising wedge’s support line, at 0.6245 by the press time, appears necessary for the bears.

Even so, the 21-DMA and the resistance-turned-support line from April, respectively around 0.6215 and 0.6100, could challenge the NZD/USD downside momentum before highlighting the yearly low marked in July at around 0.6060.

Alternatively, recovery moves may aim for the 0.6300 round figure ahead of the stated wedge’s upper line, close to 0.6380 at the latest.

Following that, highs marked in mid-June and a two-month-old horizontal resistance line, near 0.6400 and 0.6570 in that order, will be crucial hurdles to watch.

To sum up, NZD/USD buyers have limited upside room while the sellers can easily retake control.

NZD/USD: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.6267
Today Daily Change	-0.0003
Today Daily Change %	-0.05%
Today daily open	0.627

Trends
Daily SMA20	0.6209
Daily SMA50	0.6301
Daily SMA100	0.6487
Daily SMA200	0.6655

Levels
Previous Daily High	0.6344
Previous Daily Low	0.6251
Previous Weekly High	0.633
Previous Weekly Low	0.6192
Previous Monthly High	0.633
Previous Monthly Low	0.6061
Daily Fibonacci 38.2%	0.6287
Daily Fibonacci 61.8%	0.6308
Daily Pivot Point S1	0.6233
Daily Pivot Point S2	0.6195
Daily Pivot Point S3	0.614
Daily Pivot Point R1	0.6326
Daily Pivot Point R2	0.6381
Daily Pivot Point R3	0.6419

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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