NZD/USD Price Analysis: Kiwi pulls back from session highs, trades near falling channel hurdle

Omkar Godbole FXStreet Contributor

NZD/USD has backed off from the session high of 0.7196 to trade near 0.7180. That level is currently housing the upper end of the falling channel identified by trendlines connecting Jan. 6 and Jan. 14 highs and Jan. 11 and Jan. 18 lows.

A close above 0.7180 would confirm a breakout and validate the 14-day Relative Strength Index's upside break of descending trendline, paving the way for a re-test of the Jan. 6 high of 0.7315.

However, a potential failure to take out the channel hurdle, if followed by a move below 0.7165 (session low), will likely yield a drop to 0.71.

Daily chart

Trend: Teasing bull breakout

Technical levels

NZD/USD

Overview
Today last price	0.7184
Today Daily Change	0.0012
Today Daily Change %	0.17
Today daily open	0.7172

Trends
Daily SMA20	0.7156
Daily SMA50	0.7074
Daily SMA100	0.6868
Daily SMA200	0.6633

Levels
Previous Daily High	0.7175
Previous Daily Low	0.7113
Previous Weekly High	0.7241
Previous Weekly Low	0.7118
Previous Monthly High	0.7241
Previous Monthly Low	0.7002
Daily Fibonacci 38.2%	0.7151
Daily Fibonacci 61.8%	0.7137
Daily Pivot Point S1	0.7131
Daily Pivot Point S2	0.7091
Daily Pivot Point S3	0.7069
Daily Pivot Point R1	0.7193
Daily Pivot Point R2	0.7215
Daily Pivot Point R3	0.7255

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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