NZD/USD Price Analysis: Regains upside momentum towards 0.7085

NZD/USD picks up bids to refresh intraday high, consolidates Friday’s losses.
Firmer Momentum line, rebound from 50% Fibonacci retracement favor buyers.
100-SMA, 23.6% Fibonacci retracement guard recovery moves, pullback may eye for fresh monthly low.

Anil Panchal FXStreet

NZD/USD reverses Friday’s downside while picking up the bids to refresh intraday top near 0.7035 during early Monday.

In doing so, the Kiwi pair keeps the last week’s rebound from the 50% Fibonacci retracement (Fibo.) of late August to early September upside, around 0.6985, amid an upward sloping Momentum line supporting the recovery moves.

That said, the NZD/USD prices aim for a one-week-old horizontal hurdle surrounding 0.7060 during the further advances.

However, 100-SMA and 23.6% Fibo. confluence near 0.7085 will be a tough nut to crack for the pair buyers afterward. Also acting as an upside filter is a three-week-old resistance line near 0.7125.

On the contrary, the pair’s pullback moves may gain little attention unless staying beyond the stated 50% Fibonacci retracement level near 0.6985, as well as the monthly low of 0.6981.

Should NZD/USD sellers retake controls past 0.6981, the late August levels surrounding 0.6930 may return to the chart.

Overall, NZD/USD is in a recovery mode but the bulls have a bumpy road ahead.

NZD/USD: Four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.703
Today Daily Change	0.0002
Today Daily Change %	0.03%
Today daily open	0.7028

Trends
Daily SMA20	0.7075
Daily SMA50	0.7013
Daily SMA100	0.7065
Daily SMA200	0.7115

Levels
Previous Daily High	0.7081
Previous Daily Low	0.6996
Previous Weekly High	0.7094
Previous Weekly Low	0.6982
Previous Monthly High	0.7089
Previous Monthly Low	0.6805
Daily Fibonacci 38.2%	0.7028
Daily Fibonacci 61.8%	0.7049
Daily Pivot Point S1	0.6989
Daily Pivot Point S2	0.695
Daily Pivot Point S3	0.6904
Daily Pivot Point R1	0.7074
Daily Pivot Point R2	0.712
Daily Pivot Point R3	0.7159

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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