NZD/USD Price Analysis: Remains below 21-day SMA after RBNZ comments


  • NZD/USD stays under pressure below the short-term key SMA.
  • RBNZ showed readiness to keep the borrowing cost as low for as long as needed.
  • 10-day SMA acts as the key short-term support.

Despite staying beyond 10-day SMA, NZD/USD fails to cross 21-day SMA while taking rounds to 0.6035 amid the early Monday’s trading session.

On the fundamental side, the latest comments from the RBNZ Governor Philip Lowe indicated the bank’s readiness to take further measures to combat the coronavirus (COVID-19) pandemic.

Read: RBNZ: Says have other tools at ready to keep cost of borrowing low for as long as needed

That said, the pair might take clues from the recovery in RSI conditions as well as the broad US dollar weakness to clear a 21-day SMA level of 0.6055.

As a result, 50% Fibonacci retracement of the present year’s fall, near 0.6110 and March 02 low near 0.6195 could gain the buyers’ attention.

On the contrary, a 38.2% Fibonacci retracement level of 0.5960 and a 10-day SMA level of 0.5850 can entertain sellers during the fresh downside.

NZD/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 0.6034
Today Daily Change -3 pips
Today Daily Change % -0.05%
Today daily open 0.6037
 
Trends
Daily SMA20 0.6053
Daily SMA50 0.6289
Daily SMA100 0.6422
Daily SMA200 0.6439
 
Levels
Previous Daily High 0.607
Previous Daily Low 0.591
Previous Weekly High 0.607
Previous Weekly Low 0.5589
Previous Monthly High 0.6504
Previous Monthly Low 0.6192
Daily Fibonacci 38.2% 0.6009
Daily Fibonacci 61.8% 0.5971
Daily Pivot Point S1 0.5941
Daily Pivot Point S2 0.5846
Daily Pivot Point S3 0.5782
Daily Pivot Point R1 0.6101
Daily Pivot Point R2 0.6165
Daily Pivot Point R3 0.6261

 

 

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