NZD/USD Price Analysis: Pulls back from three-week high towards 0.6800

NZD/USD remains pressured around intraday low, prints daily losses for the first time in four.
Sustained break of 21-DMA, bullish MACD favor buyers to approach a wall of resistance.

Anil Panchal FXStreet

NZD/USD refreshes intraday low to 0.6811, down 0.28% on a day, to become the biggest G10 loser on a sluggish Friday morning. In doing so, the Kiwi pair snaps a three-day uptrend to ease from the highest level in three weeks.

Although the 0.6800 threshold becomes imminent support to watch during the latest easing, the 21-DMA level of 0.6785 will restrict the pair’s further downside.

In a case where the quote drops below 0.6785, the 0.6740 level may act as a buffer before dragging the quote towards the yearly low surrounding 0.6700.

On the flip side, sustained trading beyond 21-DMA enables NZD/USD buyers to attack a horizontal area comprising multiple levels marked since September, around 0.6855-60.

While the quote’s advances past 0.6860 seem difficult, a successful run won’t hesitate to challenge the 100-DMA level of 0.6985.

To sum up, NZD/USD prices are likely to witness further correction further the bulls aren’t out of the woods.

NZD/USD: Daily chart

Trend: Further consolidation of recent gains expected

Additional important levels

Overview
Today last price	0.6814
Today Daily Change	-0.0016
Today Daily Change %	-0.23%
Today daily open	0.683

Trends
Daily SMA20	0.6785
Daily SMA50	0.6964
Daily SMA100	0.6984
Daily SMA200	0.7041

Levels
Previous Daily High	0.6842
Previous Daily Low	0.6795
Previous Weekly High	0.6834
Previous Weekly Low	0.6701
Previous Monthly High	0.7199
Previous Monthly Low	0.6773
Daily Fibonacci 38.2%	0.6824
Daily Fibonacci 61.8%	0.6813
Daily Pivot Point S1	0.6803
Daily Pivot Point S2	0.6775
Daily Pivot Point S3	0.6756
Daily Pivot Point R1	0.685
Daily Pivot Point R2	0.6869
Daily Pivot Point R3	0.6897

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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