|

NZD/USD Price Analysis: Kiwi trading in a bull flag below 0.6614 resistance

  • NZD/USD remains under selling pressure near the 2020 lows.
  • The level to beat for sellers is the 0.6594 support on a daily closing basis. 
 
 

NZD/USD daily chart

 
NZD/USD attempted a break above the 0.6614 resistance and is now easing back down below the level. The market is consolidating in a bull flag while trading above the main simple moving averages (SMAs). However, if the sellers come back the bull flag could fail and lead to a drop towards the 0.6566/52 price zone. Further down lie the 0.6525 level. Resistance is seen near 0.6614 and 0.6642 levels, according to the Technical Confluences Indicator.  
  

Additional key levels 

NZD/USD

Overview
Today last price0.6607
Today Daily Change0.0008
Today Daily Change %0.12
Today daily open0.6599
 
Trends
Daily SMA200.6649
Daily SMA500.6572
Daily SMA1000.6459
Daily SMA2000.6512
 
Levels
Previous Daily High0.661
Previous Daily Low0.658
Previous Weekly High0.6666
Previous Weekly Low0.6584
Previous Monthly High0.6756
Previous Monthly Low0.6424
Daily Fibonacci 38.2%0.6599
Daily Fibonacci 61.8%0.6591
Daily Pivot Point S10.6583
Daily Pivot Point S20.6566
Daily Pivot Point S30.6553
Daily Pivot Point R10.6613
Daily Pivot Point R20.6626
Daily Pivot Point R30.6643

Author

Flavio Tosti

Flavio Tosti

Independent Analyst

 

More from Flavio Tosti
Share:

Editor's Picks

EUR/USD challenges 1.1700, six-week lows

EUR/USD remains under heavy downside pressire in quite a dfrreadful start to the new trading week, putting the 1.1700 support to the test amid the marked rebound in the US Dollar. The flight-so-safety environment continues to support the Greenback following the escalating conflict in the Middle East.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold shifts its attention to $5,600 on fligh-to-safety mood

Gold climbs to levels last seen in late January past the $5,400 mark per troy ounce on Monday. The yellow metal’s strong uptick remains fuelled by incresing geopolitical tensions in the Middle East and the consequent demand for safer assets.

Bitcoin on brink of breakdown amid US-Iran war

Bitcoin (BTC) remains under pressure near the key support level of $65,700. Trading at $66,400 at the time of writing on Monday, a breakdown below this critical level would suggest a deeper correction ahead.

The week ahead: Conflict in the Middle East jolts markets

Events in the Middle East are obviously dominating financial markets this morning. The Brent crude oil price is extending gains and is higher by more than 8%, stock futures are pointing lower and the gold price is higher by more than 2%. 

Pi Network Price Forecast: Core team offloads supply, weighing on PI recovery

Pi Network  hovers below $0.1700, broadly steady at press time on Monday, attempting a recovery after a 2% loss the previous day. Sunday’s decline aligned with nearly 49 million PI tokens offloaded by the Pi Foundation, implying a spike in supply pressure that capped the prevailing four-day recovery.