NZD/USD Price Analysis: Inside short-term falling channel below 200-bar SMA


  • NZD/USD holds onto recovery gains, confronts 50% Fibonacci retracement.
  • A confluence of 200-bar SMA, 61.8% Fibonacci retracement becomes an important upside barrier.
  • Bullish MACD, sustained trading beyond 38.2% Fibonacci retracement keeps buyers hopeful.

NZD/USD takes the bids near 0.5960 during the early Tuesday. In doing so, the pair remains inside a one-week-old descending trend channel while also staying below 50% Fibonacci retracement of the previous month’s upside.

Read: RBNZ to extend QE to NZD 33bn now, Kiwi stays above 0.5950

The kiwi pair’s ability to stay beyond 38.2% Fibonacci retracement, amid bullish MACD, seems to favor the buyers, which in turn questions the channel’s resistance, around 0.6000 now.

In a case where the bulls manage to successfully cross 0.6000 mark, a confluence of 200-bar SMA and 61.8% Fibonacci retracement near 0.6080/85 becomes crucial resistance.

On the contrary, the pair’s declines below 38.2% Fibonacci retracement level of 0.5845 needs validation through the channel’s support line, currently at 0.5830.

NZD/USD four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 0.5959
Today Daily Change 21 pips
Today Daily Change % 0.35%
Today daily open 0.5938
 
Trends
Daily SMA20 0.5944
Daily SMA50 0.6211
Daily SMA100 0.6395
Daily SMA200 0.6417
 
Levels
Previous Daily High 0.5964
Previous Daily Low 0.585
Previous Weekly High 0.6064
Previous Weekly Low 0.5843
Previous Monthly High 0.645
Previous Monthly Low 0.547
Daily Fibonacci 38.2% 0.592
Daily Fibonacci 61.8% 0.5894
Daily Pivot Point S1 0.5871
Daily Pivot Point S2 0.5803
Daily Pivot Point S3 0.5757
Daily Pivot Point R1 0.5985
Daily Pivot Point R2 0.6031
Daily Pivot Point R3 0.6099

 

 

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