NZD/USD Price Analysis: Recovers its intraday losses, extends gains to near 0.6120

NZD/USD continues its winning streak on improved risk appetite.
A breach below 0.6100 could lead the pair to retest January’s low at 0.6062.
The area around the 23.6% Fibonacci retracement at 0.6142 and the 14-day EMA at 0.6150 could act as a resistance zone.

Akhtar Faruqui FXStreet

NZD/USD recovers its intraday losses, extending its winning streak for the third successive session, trading around 0.6120 during the European session on Thursday. However, the NZD/USD pair might have faced downward pressure due to the moderate Consumer Price Index data from New Zealand released on Wednesday but the improved risk appetite has neutralized its impact, which in turn, acts as a tailwind for the Kiwi pair.

The NZD/USD pair could find the resistance zone around the 23.6% Fibonacci retracement at 0.6142 followed by the major barrier at the 14-day Exponential Moving Average (EMA) of 0.6150. A breakthrough above the resistance zone could provide support for the pair, leading to a 38.2% Fibonacci retracement at 0.6191 followed by the psychological level at 0.6200.

The technical analysis for the NZD/USD pair indicates a bearish sentiment in the market. The Moving Average Convergence Divergence (MACD) line is placed below the centerline, showing divergence below the signal line.

Furthermore, the lagging indicator 14-day Relative Strength Index (RSI) is positioned below the 50 level, suggesting a confirmation of a weaker momentum for the NZD/USD pair.

On the downside, immediate support for the NZD/USD pair is identified at the psychological level of 0.6100. A decisive break below this level could exert downward pressure, leading the pair to revisit January’s low at 0.6062, followed by a significant support level at 0.6050.

NZD/USD: Daily Chart:

NZD/USD: Additional technical levels

Overview
Today last price	0.6121
Today Daily Change	0.0006
Today Daily Change %	0.10
Today daily open	0.6115

Trends
Daily SMA20	0.6204
Daily SMA50	0.6178
Daily SMA100	0.6047
Daily SMA200	0.6088

Levels
Previous Daily High	0.615
Previous Daily Low	0.608
Previous Weekly High	0.6249
Previous Weekly Low	0.6088
Previous Monthly High	0.641
Previous Monthly Low	0.6084
Daily Fibonacci 38.2%	0.6123
Daily Fibonacci 61.8%	0.6107
Daily Pivot Point S1	0.608
Daily Pivot Point S2	0.6045
Daily Pivot Point S3	0.601
Daily Pivot Point R1	0.615
Daily Pivot Point R2	0.6185
Daily Pivot Point R3	0.622

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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