NZD/USD Price Analysis: Improves to near 0.6280, focus on US jobs data

NZD/USD could face challenges on risk-off market sentiment.
A break above 0.6300 could support the pair to approach the weekly high at 0.6329.
The lagging indicator MACD could give confirmation of the downward trend.

Akhtar Faruqui FXStreet

NZD/USD retraces its recent losses, trading higher around 0.6280 during the European session on Thursday. However, the NZD/USD pair faced challenges as the US Dollar improved on the market caution.

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 0.6300 major level. A breakthrough above the latter could influence the NZD/USD pair to surpass the weekly high at 0.6329 followed by the major resistance at 0.6350 level.

The placement of the Moving Average Convergence Divergence (MACD) line above the centerline, coupled with divergence below the signal line, suggests a potential shift toward a bearish sentiment in the NZD/USD pair. Traders may likely observe and await confirmation from this lagging indicator to validate the potential downward trend in the pair.

On the downside, the 23.6% Fibonacci retracement at 0.6260 appears as the immediate support followed by the major level at 0.6250 and the 21-day Exponential Moving Average (EMA) at 0.6244. A break below this support zone could influence the bears of the NZD/USD pair to test the psychological support at 0.6200 following the 38.2% Fibonacci retracement at 0.6167 level.

NZD/USD: Daily Chart:

NZD/USD: more technical levels to watch

Overview
Today last price	0.6279
Today Daily Change	0.0034
Today Daily Change %	0.54
Today daily open	0.6245

Trends
Daily SMA20	0.6246
Daily SMA50	0.6097
Daily SMA100	0.6011
Daily SMA200	0.6093

Levels
Previous Daily High	0.6277
Previous Daily Low	0.6219
Previous Weekly High	0.641
Previous Weekly Low	0.6264
Previous Monthly High	0.641
Previous Monthly Low	0.6084
Daily Fibonacci 38.2%	0.6241
Daily Fibonacci 61.8%	0.6255
Daily Pivot Point S1	0.6217
Daily Pivot Point S2	0.6189
Daily Pivot Point S3	0.6159
Daily Pivot Point R1	0.6275
Daily Pivot Point R2	0.6305
Daily Pivot Point R3	0.6333

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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