NZD/USD Price Analysis: Kiwi buyers flex muscles despite recent inaction below 0.6300


  • NZD/USD remains depressed inside immediate triangle formation.
  • Golden cross, steady RSI keeps Kiwi pair buyers hopeful.
  • Bulls need validation from 0.6310 to retake control.

NZD/USD remains mostly steady around 0.6285-80 as it makes rounds inside a symmetrical triangle formation established since the last Friday.

Even so, the Kiwi pair buyers remain hopeful amid the “golden cross” on the hourly chart. That said, the golden cross is a moving average crossover suggesting further upside of the underlying by the 50-SMA’s piercing of the 200-SMA from below.

Apart from the “golden cross”, a steady RSI (14) line also underpins the continuation of a slower grind toward the north.

However, the NZD/USD buyers need to cross the stated triangle’s upper line, around 0.6300 by the press time, for confirmation.

It’s worth noting that the 61.8% Fibonacci retracement level of its May 11-12 downturn, near 0.6310, may act as the final defense of the Kiwi pair sellers before directing the quote towards the monthly high surrounding 0.6385.

On the contrary, a downside break of the stated triangle’s bottom line, close to 0.6275 at the latest, isn’t an open invitation to the NZD/USD bears as 50-SMA and 200-SMA, respectively near 0.6270 and 0.6260, can prod the downside moves.

Following that, the one-week-old ascending support line, close to 0.6215 at the latest, appears the key to watch for the pair sellers to break before taking control.

NZD/USD: Hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 0.6285
Today Daily Change 0.0163
Today Daily Change % 2.66%
Today daily open 0.6122
 
Trends
Daily SMA20 0.6226
Daily SMA50 0.6228
Daily SMA100 0.6274
Daily SMA200 0.6157
 
Levels
Previous Daily High 0.6306
Previous Daily Low 0.6117
Previous Weekly High 0.6306
Previous Weekly Low 0.6117
Previous Monthly High 0.6389
Previous Monthly Low 0.6111
Daily Fibonacci 38.2% 0.6189
Daily Fibonacci 61.8% 0.6234
Daily Pivot Point S1 0.6058
Daily Pivot Point S2 0.5993
Daily Pivot Point S3 0.5869
Daily Pivot Point R1 0.6246
Daily Pivot Point R2 0.6371
Daily Pivot Point R3 0.6435

 

 

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