NZD/USD Price Analysis: Further upside towards 0.6575 appears imminent

NZD/USD crosses two-week-old resistance line to highlight trader’s bullish bias.
Upbeat MACD, RSI adds strength to the run-up targeting fresh multi-month high.
Convergence of 61.8% Fibonacci Expansion, June 2022 high appears a tough nut to crack for buyers.
Sellers need 100-SMA breakdown to confirm further downside.

Anil Panchal FXStreet

NZD/USD takes the bids to refresh the weekly high near 0.6520 during early Thursday’s Asian session. In doing so, the Kiwi pair extends its rebound from the 100-SMA to cross a downward-sloping resistance line from January 18.

Not only the successful recovery from the 100-SMA and the trend line breakout but bullish MACD signals and the upbeat RSI (14) also keep NZD/USD buyers hopeful.

As a result, the Kiwi pair is all set to poke the previous monthly high of 0.6530.

It’s worth noting, however, that a convergence of June 2022 high and 61.8% Fibonacci Expansion (FE) of its January 06-19 moves, near 0.6575, appears a strong resistance for the NZD/USD bulls to cross to keep the reins afterward.

On the flip side, pullback remains elusive unless the NZD/USD pair stays above the recent resistance-turned-support line near the 0.6500 round figure.

Even if the NZD/USD price drops below 0.6500 resistance-turned-support, the 100-SMA and the weekly low, respectively around 0.6440 and 0.6410, could challenge the pair’s further downside.

In a case where NZD/USD remains weak past 0.6410, the 200-SMA level near 0.6375 could act as the last defense of the bears.

NZD/USD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.6519
Today Daily Change	0.0054
Today Daily Change %	0.84%
Today daily open	0.6465

Trends
Daily SMA20	0.6413
Daily SMA50	0.6359
Daily SMA100	0.6093
Daily SMA200	0.6192

Levels
Previous Daily High	0.6479
Previous Daily Low	0.6412
Previous Weekly High	0.6526
Previous Weekly Low	0.6437
Previous Monthly High	0.6531
Previous Monthly Low	0.619
Daily Fibonacci 38.2%	0.6438
Daily Fibonacci 61.8%	0.6454
Daily Pivot Point S1	0.6425
Daily Pivot Point S2	0.6385
Daily Pivot Point S3	0.6358
Daily Pivot Point R1	0.6492
Daily Pivot Point R2	0.6519
Daily Pivot Point R3	0.6559

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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