NZD/USD Price Analysis: Fades bounce off weekly support line, sellers eye 0.7300

NZD/USD remains on the back-foot, fails to break above 100-HMA.
200-HMA follows a confluence of key support line, 50% Fibonacci retracement to test bears.
Bulls need confirmation from 0.7420 to retake controls.

Anil Panchal FXStreet

NZD/USD drops to 0.7354 in a fresh pullback from the latest swing top of 0.7375, down 0.18% intraday, during early Friday.

The kiwi pair staged a corrective pullback from a one-week-old support line, coupled with a 50% Fibonacci retracement level of February 17-25 upside, amid oversold RSI. However, failures to sustain a break of 100-HMA seem to trigger the recent weakness.

NZD/USD sellers currently target the 0.7310 support convergence having the stated trend line and Fibonacci retracement level. Though, any further weakness will be tamed by a 200-HMA level of 0.7295.

On the contrary, fresh recovery moves not only need to cross the 100-HMA level of 0.7365 but also the early Thursday lows near 0.7420 to recall the NZD/USD buyers.

Following that, the latest high, also the highest since August 2017, will challenge the Kiwi bulls around 0.7465.

NZD/USD hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.7353
Today Daily Change	-15 pips
Today Daily Change %	-0.20%
Today daily open	0.7368

Trends
Daily SMA20	0.7241
Daily SMA50	0.719
Daily SMA100	0.702
Daily SMA200	0.6787

Levels
Previous Daily High	0.7466
Previous Daily Low	0.736
Previous Weekly High	0.7316
Previous Weekly Low	0.7158
Previous Monthly High	0.7316
Previous Monthly Low	0.7096
Daily Fibonacci 38.2%	0.74
Daily Fibonacci 61.8%	0.7425
Daily Pivot Point S1	0.733
Daily Pivot Point S2	0.7292
Daily Pivot Point S3	0.7224
Daily Pivot Point R1	0.7436
Daily Pivot Point R2	0.7504
Daily Pivot Point R3	0.7542

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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