NZD/USD Price Analysis: Overbought RSI conditions probe bull above 0.6400

NZD/USD recovers the early-day losses to print mild gains around 0.6425/20.
A horizontal line including March month top and Wednesday’s high questions the bulls.
200-day SMA, 61.8% Fibonacci retracement restrict the pair’s near-term declines.

Anil Panchal FXStreet

NZD/USD recovers from intraday low of 0.6404 to 0.6427, up 0.15% on a day, during the pre-European session on Thursday. Even so, the kiwi pair’s further upside is likely doubtful amid overbought RSI conditions.

Also read: NZ Foreign Minister: July likely too early to resume travel with Australia

Other than the aforementioned horizontal resistance area near 0.6445/50, February month high near 0.6500 also stands ready to challenge the additional rise.

Meanwhile, sellers may target a 200-day SMA level near 0.6315 during a fresh downside. Though 61.8% Fibonacci retracement of December 31, 2019, to March 19, 2020 fall, around 0.6265 could limit the pair’s extra declines.

If at all the bears remain dominant past-0.6265, April month high near 0.6175 might return to the charts.

NZD/USD daily chart

Trend: Pullback expected

NZD/USD

Overview
Today last price	0.6428
Today Daily Change	0.0010
Today Daily Change %	0.16
Today daily open	0.6418

Trends
Daily SMA20	0.6138
Daily SMA50	0.6063
Daily SMA100	0.6189
Daily SMA200	0.6316

Levels
Previous Daily High	0.6444
Previous Daily Low	0.636
Previous Weekly High	0.6241
Previous Weekly Low	0.6083
Previous Monthly High	0.6241
Previous Monthly Low	0.5921
Daily Fibonacci 38.2%	0.6412
Daily Fibonacci 61.8%	0.6392
Daily Pivot Point S1	0.637
Daily Pivot Point S2	0.6323
Daily Pivot Point S3	0.6286
Daily Pivot Point R1	0.6454
Daily Pivot Point R2	0.6491
Daily Pivot Point R3	0.6539

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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