NZD/USD Price Analysis: Kiwi rebound needs acceptance from 0.6220 and NZ/US employment

NZD/USD takes the bids to refresh intraday high, prints the first daily gain in four.
Kiwi pair’s recovery from two-month-old support line needs validation from 200-EMA and NZ/US data.
Downbeat oscillators, two-week-old falling resistance line acts as additional upside filters.

Anil Panchal FXStreet

NZD/USD snaps a three-day downtrend as it extends late Friday’s rebound from a two-month-old ascending support line towards 0.6200 heading into Monday’s European session. In doing so, the Kiwi pair cheers upbeat sentiment data at home, as well as China stimulus, while teasing the bulls as markets await July’s employment data for New Zealand (NZ) and the US.

However, the bearish MACD signals join the near 50.0 levels of the RSI (14) line and the 200-Exponential Moving Average (EMA) surrounding 0.6220 to challenge the NZD/USD bulls.

Even if the quote crosses the 0.6220 hurdle, a downward-sloping resistance line from July 14, close to 0.6240 at the latest, can act as the final defense of the NZD/USD buyers, a break of which could quickly propel the quote past the 0.6300 round figure. The same highlights an upward-sloping resistance line from early February, near 0.6380 by the press time.

On the flip side, a daily closing below the three-month-old rising support line, surrounding 0.6130 at the latest, could drag the price toward the lows marked in June and March, near 0.6050 and 0.6085.

Should the NZD/USD remains bearish past 0.6050, multiple levels around 0.6030 and the 0.6000 round figure will be crucial for the bears to watch.

Overall, the Kiwi pair buyers flex their muscles but the bears are still in the driver’s seat.

NZD/USD: Daily chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price	0.6196
Today Daily Change	0.0046
Today Daily Change %	0.75%
Today daily open	0.615

Trends
Daily SMA20	0.6229
Daily SMA50	0.6168
Daily SMA100	0.6198
Daily SMA200	0.6219

Levels
Previous Daily High	0.6195
Previous Daily Low	0.612
Previous Weekly High	0.6274
Previous Weekly Low	0.612
Previous Monthly High	0.625
Previous Monthly Low	0.599
Daily Fibonacci 38.2%	0.6149
Daily Fibonacci 61.8%	0.6166
Daily Pivot Point S1	0.6115
Daily Pivot Point S2	0.608
Daily Pivot Point S3	0.604
Daily Pivot Point R1	0.619
Daily Pivot Point R2	0.623
Daily Pivot Point R3	0.6265

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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