NZD/USD Price Analysis: Recovery moves attack 0.7200 as New Zealand eyes unlock

NZD/USD keeps bounce off immediate horizontal support.
MACD turns in favor of the bulls, 200-HMA guards immediate upside.

Anil Panchal FXStreet

NZD/USD holds onto recovery gains from 0.7182, intraday low, while taking rounds to 0.7200 during pre-European session trading on Wednesday. The quote recently reacted to the news from Auckland where New Zealand (NZ) Prime Minister Jacinda Ardern unveiled the reversal of the snap lockdown measures from Thursday.

Read: NZ PM Ardern: Auckland will exit lockdown on Thursday, move to level 2

Not only the fundamental news, but the recovery in MACD and the repeated bounces off 0.7181-78 area also favor the NZD/USD buyers.

However, the 200-HMA level of 0.7216 and the 0.7250-55 area challenges the quote’s short-term upside ahead of the 0.7300 threshold.

Should the NZD/USD prices rally past-0.7300, the yearly top surrounding 0.7315 will be the key to watch.

On the flip side, a break below 0.7178 will have to break below the 0.7135-30 support area, comprising the monthly low, to recall the NZD/USD sellers.

During the quote’s weakness past-0.7130, January’s low of 0.7096 will challenge the bears targeting the 0.7000 psychological magnet.

NZD/USD hourly chart

Trend: Further recovery expected

additional important levels

Overview
Today last price	0.7199
Today Daily Change	-10 pips
Today Daily Change %	-0.14%
Today daily open	0.7209

Trends
Daily SMA20	0.7198
Daily SMA50	0.7158
Daily SMA100	0.6971
Daily SMA200	0.6742

Levels
Previous Daily High	0.7269
Previous Daily Low	0.7197
Previous Weekly High	0.7256
Previous Weekly Low	0.7175
Previous Monthly High	0.7316
Previous Monthly Low	0.7096
Daily Fibonacci 38.2%	0.7225
Daily Fibonacci 61.8%	0.7242
Daily Pivot Point S1	0.7182
Daily Pivot Point S2	0.7154
Daily Pivot Point S3	0.711
Daily Pivot Point R1	0.7253
Daily Pivot Point R2	0.7297
Daily Pivot Point R3	0.7325

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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