- NZD/USD once again finds decent support near the 0.60 confluence support.
- The set-up warrants some caution before placing aggressive directional bets.
The NZD/USD pair has managed to rebound over 50 pips from the key 0.60 psychological mark and recover a major part of the post-RBNZ losses to multi-day lows. The mentioned level marks an important confluence support comprising of 50-day SMA and the lower end of an ascending trend-channel extending from late March.
This should now act as a key pivotal point for short-term traders as the focus now shifts to the Fed Chair Jerome Powell's speech on current economic issues. Meanwhile, mixed technical indicators on hourly/daily charts warrant some caution for aggressive traders and before positioning for the pair's near-term direction.
Hence, it will be prudent to wait for some strong follow-through buying, possibly beyond the 0.6075-80 region, in order to confirm any near-term bullish bias.
On the flip side, a sustained breakthrough the 0.60 confluence support might now be seen as a fresh trigger for bearish traders and pave the way for further decline. The pair might then turn vulnerable to accelerate the slide further towards 0.5945 intermediate support en-route the next major support near the 0.5900 round-figure mark.
NZD/USD daily chart
Techincal levels to watch
|Today last price||0.6047|
|Today Daily Change||-0.0033|
|Today Daily Change %||-0.54|
|Today daily open||0.608|
|Previous Daily High||0.6124|
|Previous Daily Low||0.6041|
|Previous Weekly High||0.6148|
|Previous Weekly Low||0.5994|
|Previous Monthly High||0.6176|
|Previous Monthly Low||0.5843|
|Daily Fibonacci 38.2%||0.6092|
|Daily Fibonacci 61.8%||0.6073|
|Daily Pivot Point S1||0.604|
|Daily Pivot Point S2||0.5999|
|Daily Pivot Point S3||0.5957|
|Daily Pivot Point R1||0.6122|
|Daily Pivot Point R2||0.6164|
|Daily Pivot Point R3||0.6205|
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