NZD/USD Price Analysis: Keeps Fed-inspired bounce off fortnight-long support above 0.6200


  • NZD/USD prints mild gains after bouncing off two-week-old ascending support line.
  • Bullish MACD signals, steady RSI (14) joins sustained trading beyond 200-DMA to favor bulls.
  • 100-DMA, 50-DMA restrict short-term upside before mid-February high.
  • Bears need validation from 0.6130 before challenging monthly low.

NZD/USD grinds higher past 0.6200, mildly bid near 0.6225 during early Thursday, as it defends the Federal Reserve (Fed) inspired gains despite the latest pullback from the 100-DMA.

In doing so, the Kiwi pair stays firmer above a fortnight-long support line, as well as the 200-DMA. Adding strength to the upside bias could be the bullish MACD signals and the firmer RSI (14).

As a result, the NZD/USD price is likely to mark another attempt in crossing the 100-DMA hurdle of 0.6280, which in turn will highlight the 50-DMA resistance surrounding the 0.6300 threshold for the Kiwi pair buyers.

In a case where the quote remains firmer past 0.6300, the odds of its run-up towards challenging the mid-February high of near 0.6390 and then to the 0.6400 round figure can’t be ruled out.

Alternatively, NZD/USD pullback remains elusive unless the quote stays beyond the aforementioned immediate support line, close to 0.6200 by the press time.

Following that, the 200-DMA level of 0.6158 and the 0.6130 level may act as the last defenses of the buyers before directing the quote toward the monthly low of 0.6084.

Overall, NZD/USD is likely to grind higher but the road toward the north appears bumpy.

NZD/USD: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 0.6227
Today Daily Change 0.0033
Today Daily Change % 0.53%
Today daily open 0.6194
 
Trends
Daily SMA20 0.6193
Daily SMA50 0.6306
Daily SMA100 0.6271
Daily SMA200 0.6162
 
Levels
Previous Daily High 0.6258
Previous Daily Low 0.6167
Previous Weekly High 0.6278
Previous Weekly Low 0.6131
Previous Monthly High 0.6538
Previous Monthly Low 0.6131
Daily Fibonacci 38.2% 0.6202
Daily Fibonacci 61.8% 0.6223
Daily Pivot Point S1 0.6155
Daily Pivot Point S2 0.6115
Daily Pivot Point S3 0.6064
Daily Pivot Point R1 0.6246
Daily Pivot Point R2 0.6297
Daily Pivot Point R3 0.6337

 

 

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