NZD/USD Price Analysis: Keeps pullback from 200-SMA below 0.620

NZD/USD bounces off intraday low but stays down for the second consecutive day.
Bearish MACD signals, downbeat RSI keeps sellers hopeful amid failures to cross 200-SMA, one-month-old resistance line.
Weekly ascending trend line, YTD low lures Kiwi bears.

Anil Panchal FXStreet

NZD/USD picks up bids to pare intraday losses around 0.6175 during early Thursday. Even so, the Kiwi pair remains down for the second consecutive day after reversing from the 200-SMA and one-month-old resistance line the previous day.

The NZD/USD pair’s failure to cross the aforementioned key hurdles joins bearish MACD signals and the downbeat RSI (14) line, not oversold, to keep the sellers hopeful of witnessing the quote’s further downside.

As a result, an upward-sloping support line from the last Thursday, near 0.6115 at the latest, gains the attention of intraday bears ahead of the monthly low, as well as the 2023 bottom, marked around 0.6085 in the last week.

It should be noted that the NZD/USD pair’s weakness past 0.6085 will need validation from the July 2022 low of 0.6060 to aim for the 0.6000 psychological magnet, also comprising the early September 2022 bottom.

Meanwhile, the 23.6% Fibonacci retracement level of the Kiwi pair’s February-March downside, near 0.6190, precedes the 0.6200 threshold to restrict immediate NZD/USD upside.

In a case where the quote remains firmer past 0.6200, the previously mentioned resistance line from mid-February and the 200-SMA, respectively near 0.6240 and 0.6265, will be in the spotlight.

NZD/USD: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.6176
Today Daily Change	-0.0012
Today Daily Change %	-0.19%
Today daily open	0.6188

Trends
Daily SMA20	0.6196
Daily SMA50	0.6315
Daily SMA100	0.6254
Daily SMA200	0.6164

Levels
Previous Daily High	0.6271
Previous Daily Low	0.6172
Previous Weekly High	0.6226
Previous Weekly Low	0.6084
Previous Monthly High	0.6538
Previous Monthly Low	0.6131
Daily Fibonacci 38.2%	0.621
Daily Fibonacci 61.8%	0.6233
Daily Pivot Point S1	0.615
Daily Pivot Point S2	0.6111
Daily Pivot Point S3	0.6051
Daily Pivot Point R1	0.6249
Daily Pivot Point R2	0.631
Daily Pivot Point R3	0.6348

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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