NZD/USD Price Analysis: Pulls back from the key HMAs towards 0.6600

NZD/USD takes a U-turn from 0.6630 while trimming the intraday gains.
Key Fibonacci retracements, short-term support lines can probe sellers.
Bulls eye monthly top beyond 0.6630 resistance confluence.

Anil Panchal FXStreet

NZD/USD extends pullback from 0.6630 to 0.6615 during the early Monday. In doing so, the pair reverses from a confluence of 100-HMA and 38.2% Fibonacci retracement of October 08-14 upside while also declining below 200-HMA.

The recent downside also took clues from the RSI conditions that slants southwards while flashing 0.23% gains on a day.

With the pair’s clear failures to cross the key resistances, coupled with RSI positions, the quote is likely to revisit the ascending trend line from October 15, at 0.6605 now.

However, a 61.8% Fibonacci retracement level of 0.6600 and a support line stretched from October 08, currently at 0.6585, can probe the bears for now.

Meanwhile, 200-HMA near 0.6620 offers the immediate resistance to the pair ahead of the 0.6630 key upside barrier.

If the NZD/USD manages to keep the reins after 0.6630, the monthly high of 0.6683 will be gain the buyers’ attention.

NZD/USD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.6617
Today Daily Change	16 pips
Today Daily Change %	0.24%
Today daily open	0.6601

Trends
Daily SMA20	0.6609
Daily SMA50	0.6631
Daily SMA100	0.6582
Daily SMA200	0.6389

Levels
Previous Daily High	0.662
Previous Daily Low	0.6586
Previous Weekly High	0.6683
Previous Weekly Low	0.6576
Previous Monthly High	0.6799
Previous Monthly Low	0.6511
Daily Fibonacci 38.2%	0.6607
Daily Fibonacci 61.8%	0.6599
Daily Pivot Point S1	0.6585
Daily Pivot Point S2	0.6568
Daily Pivot Point S3	0.6551
Daily Pivot Point R1	0.6619
Daily Pivot Point R2	0.6636
Daily Pivot Point R3	0.6653

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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