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NZD/USD Price Analysis: Plummets from a four-month high, drops below 0.6200

  • NZD/USD hit a three-month high, past the 0.6200 figure, but high US bond yields are undermining the pair.
  • Further downside is seen if the pair slumps below 0.6100, with the 200-DMA in sight.
  • Buyers keeping the NZD/USD exchange rate above 0.6200, to pave the way for 0.6300.

NZD/USD retreats late in the Monday North American session after rallying to a new four-month high of 0.6226, but a repricing for a less dovish US Federal Reserve witnessed a jump in US bond yields. Consequently, the pair tumbled more than 0.80% and trades at 0.6154.

The NZD/USD uptrend remains intact, though it is subject to a pullback. If the pair slides past the 0.6150 figure, the next support would be the November 30 swing low at 0.6120. Up next the 200-day moving average (DMA) at 0.6089. A breach of the latter and the pair could shift neutral if it slumps below the October 11 high turned support at 0.6055.

On the other hand, if NZD/USD buyers reclaim 0.6200, further upside is seen above 0.6226, followed by a test of the July 27 high at 0.6273. If those two supply zones are erased, a jump to 0.6300 is on the cards.

NZD/USD Price Analysis – Daily Chart

NZD/USD Technical Levels

NZD/USD

Overview
Today last price0.6155
Today Daily Change-0.0048
Today Daily Change %-0.77
Today daily open0.6203
 
Trends
Daily SMA200.6023
Daily SMA500.5955
Daily SMA1000.5986
Daily SMA2000.609
 
Levels
Previous Daily High0.6207
Previous Daily Low0.6145
Previous Weekly High0.6208
Previous Weekly Low0.606
Previous Monthly High0.6208
Previous Monthly Low0.5788
Daily Fibonacci 38.2%0.6183
Daily Fibonacci 61.8%0.6169
Daily Pivot Point S10.6163
Daily Pivot Point S20.6123
Daily Pivot Point S30.6102
Daily Pivot Point R10.6225
Daily Pivot Point R20.6247
Daily Pivot Point R30.6287

Author

Christian Borjon Valencia

Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.

More from Christian Borjon Valencia
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