NZD/USD Price Analysis: Remains below two-week high amid modest USD strength

NZD/USD attracts some dip-buying on Tuesday, albeit lacks follow-through.
A positive risk tone lends some support; resurgent USD demand caps gains.
The technical setup supports prospects for a break through the 100-day SMA.

Haresh Menghani FXStreet

The NZD/USD pair reverses an intraday dip to levels just below the 0.6000 psychological mark and turns neutral during the first half of the European session. Spot prices currently trade around the 0.6020 area, unchanged for the day, and just below a nearly two-week high touched earlier this Tuesday.

A generally positive tone around the equity markets turns out to be a key factor lending some support to the risk-sensitive Kiwi. That said, the emergence of some US Dollar (USD) dip-buying, bolstered by bets for at least one more rate hike by the Federal Reserve (Fed), keeps a lid on any meaningful upside for the NZD/USD pair.

From a technical perspective, the 0.6050 area coincides with the September monthly swing high and is closely followed by the 100-day Simple Moving Average (SMA), around the 0.6060 region. The latter also represents the 38.2% Fibonacci retracement level of the July-August downfall and should now act as a key pivotal point.

A sustained strength beyond will be seen as a fresh trigger for bullish traders and pave the way for additional gains. With oscillators on the daily chart gaining positive traction, the NZD/USD pair might then aim towards reclaiming the 0.6100 mark and extend the momentum to the 0.6125-0.6130 region, or the 50% Fibo.

On the flip side, weakness below the 0.6000 mark is likely to find some support near the 23.6% Fibo. level, around the 0.5980-0.5975 region. A convincing break below could drag the NZD/USD pair back to the 0.5900 mark en route to last week's swing low, around the 0.5870 zone, which is followed by mid-0.5800s, or the YTD low.

NZD/USD daily chart

Technical levels to watch

NZD/USD

Overview
Today last price	0.6021
Today Daily Change	-0.0002
Today Daily Change %	-0.03
Today daily open	0.6023

Trends
Daily SMA20	0.5942
Daily SMA50	0.596
Daily SMA100	0.6063
Daily SMA200	0.6168

Levels
Previous Daily High	0.6029
Previous Daily Low	0.596
Previous Weekly High	0.6009
Previous Weekly Low	0.587
Previous Monthly High	0.605
Previous Monthly Low	0.5847
Daily Fibonacci 38.2%	0.6003
Daily Fibonacci 61.8%	0.5986
Daily Pivot Point S1	0.5979
Daily Pivot Point S2	0.5935
Daily Pivot Point S3	0.591
Daily Pivot Point R1	0.6048
Daily Pivot Point R2	0.6073
Daily Pivot Point R3	0.6117

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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