- 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.
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
|Today last price||0.5959|
|Today Daily Change||21 pips|
|Today Daily Change %||0.35%|
|Today daily open||0.5938|
|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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