NZD/USD Price Analysis: Kiwi jumps to test critical resistance around 0.6620

Kiwi outperforming during the American session as USD tumbles and modest improvement in risk sentiment.
NZD/USD rises to the upper limited of a short-term descendant channel.

Matías Salord FXStreet

A weaker US dollar across the board boosted the NZD/USD pair that outperformed on the back of a stronger kiwi. The pair broke above the 0.6570 resistance, gaining more strength.

So far, NZD/USD peaked at 0.6619, the highest level in a week. It continues to trade around the 0.6615/20 area, a key short-term barrier that contains an horizontal resistance and the upper border of a descendant channel.

A consolidation above 0.6620 would point to more gains targeting 0.6640 and above the last week high at 0.6650. While if NZD/USD fails at the current level, the channel will remain in place, suggesting weakness ahead. The immediate support stands at 0.6595 followed by 0.6565.

NZD/USD 4-hour chart

NZD/USD

Overview
Today last price	0.6611
Today Daily Change	0.0063
Today Daily Change %	0.96
Today daily open	0.6548

Trends
Daily SMA20	0.6594
Daily SMA50	0.6557
Daily SMA100	0.6358
Daily SMA200	0.6374

Levels
Previous Daily High	0.6559
Previous Daily Low	0.6514
Previous Weekly High	0.6652
Previous Weekly Low	0.6488
Previous Monthly High	0.6716
Previous Monthly Low	0.644
Daily Fibonacci 38.2%	0.6542
Daily Fibonacci 61.8%	0.6531
Daily Pivot Point S1	0.6521
Daily Pivot Point S2	0.6495
Daily Pivot Point S3	0.6476
Daily Pivot Point R1	0.6566
Daily Pivot Point R2	0.6585
Daily Pivot Point R3	0.6611

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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