NZD/USD Price Analysis: Maintains position below 0.6100 before 23.6% Fibonacci level

NZD/USD positions below 0.6100 after recovering intraday losses.
The pair could find the immediate resistance zone around the 23.6% Fibonacci retracement level of 0.6124 and the nine-day EMA at 0.6127.
Technical analysis indicates a confirmation of the bearish sentiment.

Akhtar Faruqui FXStreet

NZD/USD moves sideways with a bias to continue its losing streak that began on February 23. The pair hovers around 0.6090 during the European session on Friday, positioned just below the immediate resistance of the psychological level at 0.6100.

A breakthrough above the latter could exert upward support for the NZD/USD pair to explore the resistance zone around the 23.6% Fibonacci retracement level of 0.6124, in conjunction with the nine-day Exponential Moving Average (EMA) at 0.6127.

Further resistance barriers are anticipated around the major level of 0.6150, followed by the psychological level of 0.6200 and February’s high at 0.6219.

Based on the technical analysis of the Moving Average Convergence Divergence (MACD), the NZD/USD pair appears to exhibit a downward sentiment. The MACD line is positioned below both the centerline and the signal line, indicating a bearish trend. Furthermore, the 14-day Relative Strength Index (RSI) is below the 50 level, suggesting a confirmation of the bearish sentiment.

On the downside, the NZD/USD pair could find key support at the major support level of 0.6050 followed by February’s low at 0.6037. A break below this level could prompt the pair to navigate the support region around the psychological level of 0.6000.

NZD/USD: Daily Chart

NZD/USD

Overview
Today last price	0.6088
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.6088

Trends
Daily SMA20	0.6124
Daily SMA50	0.6171
Daily SMA100	0.6094
Daily SMA200	0.6076

Levels
Previous Daily High	0.6113
Previous Daily Low	0.6076
Previous Weekly High	0.6219
Previous Weekly Low	0.6122
Previous Monthly High	0.6219
Previous Monthly Low	0.6037
Daily Fibonacci 38.2%	0.609
Daily Fibonacci 61.8%	0.6099
Daily Pivot Point S1	0.6072
Daily Pivot Point S2	0.6055
Daily Pivot Point S3	0.6035
Daily Pivot Point R1	0.6109
Daily Pivot Point R2	0.6129
Daily Pivot Point R3	0.6146

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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