NZD/USD Price Analysis: Pulls back from support-turned-resistance to sub-0.6100 zone

NZD/USD drops after taking a U-turn from the short-term resistance line.
Last Wednesday’s top on the sellers’ radar, 200-HMA could question further declines.

Anil Panchal FXStreet

NZD/USD registers 0.50% loss on a day, currently around 0.6075, while reversing from one-week-old resistance line, previous support, during the early Wednesday.

The pair’s sustained trading below the support-turned-resistance keeps directing sellers towards the previous Wednesday’s top around 0.6030.

However, the pair’s further downside could be restricted by a 200-HMA level of 0.6005, if not then 61.8% Fibonacci retracement of the pair’s current month upside, near 0.5950, will lure the bears.

Meanwhile, 0.6100 can offer immediate resistance ahead of another attempt to challenge the support-turned-resistance, at 0.6116 now.

Should there be a successful break above 0.6120, the latest high surrounding 0.6130 and the further rise to 0.6200 can’t be ruled out.

NZD/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.6077
Today Daily Change	-29 pips
Today Daily Change %	-0.47%
Today daily open	0.6106

Trends
Daily SMA20	0.5923
Daily SMA50	0.6157
Daily SMA100	0.6373
Daily SMA200	0.6398

Levels
Previous Daily High	0.6131
Previous Daily Low	0.6065
Previous Weekly High	0.6104
Previous Weekly Low	0.585
Previous Monthly High	0.645
Previous Monthly Low	0.547
Daily Fibonacci 38.2%	0.6106
Daily Fibonacci 61.8%	0.609
Daily Pivot Point S1	0.607
Daily Pivot Point S2	0.6035
Daily Pivot Point S3	0.6004
Daily Pivot Point R1	0.6136
Daily Pivot Point R2	0.6167
Daily Pivot Point R3	0.6202

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.

EUR/USD holds lower ground near 1.1850 ahead of EU/ US data

EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1850 in European trading on Friday. A broadly cautious market environment paired with modest US Dollar demand undermines the pair ahead of the Eurozone GDP second estimate and the critical US CPI data.

GBP/USD keeps losses around 1.3600, awaits US CPI for fresh impetus

GBP/USD holds moderate losses at around 1.3600 in the European session on Friday, though it lacks bearish conviction. The US Dollar remains supported amid softer risk tone and ahead of the US consumer inflation figures due later in the NA session on Friday.

Gold trims intraday gains to $5,000 as US inflation data loom

Gold retreats from the vicinity of the $5,000 psychological mark, though sticks to its modest intraday gains heading into the European session. Traders now look forward to the release of the US consumer inflation figures for more cues about the Fed policy path. The outlook will play a key role in influencing the near-term US Dollar price dynamics and provide some meaningful impetus to the non-yielding bullion.

US CPI data set to show modest inflation cooling as markets price in a more hawkish Fed

The US Bureau of Labor Statistics will publish January’s Consumer Price Index data on Friday, delayed by the brief and partial United States government shutdown. The report is expected to show that inflationary pressures eased modestly but also remained above the Federal Reserve’s 2% target.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Solana Price Forecast: Mixed market sentiment caps recovery

Solana (SOL) is trading at $79 as of Friday, following a correction of over 9% so far this week. On-chain and derivatives data indicates mixed sentiment among traders, further limiting the chances of a price recovery.