NZD/USD Price Analysis: Retreats from intraday high, still above 0.6100

NZD/USD steps back from a four-day-old descending resistance line.
Weekly support line can offer immediate rest ahead of 200-HMA.
Bulls remain cautious unless clearing 100-day EMA.

Anil Panchal FXStreet

NZD/USD drops to 0.6120 amid the initial trading session on Tuesday. Although the recent risk-on sentiment keeps the Antipodeans light, a short-term falling trend line triggers the Kiwi pair’s latest declines.

Considering the strength of the trend line resistance, the quote might revisit an ascending trend line from May 19, at 0.6089 now.

However, 200-HMA near 0.6055, could chain the NZD/USD bears below the weekly support line, if not then the return of 0.6000 can’t be ruled out.

On the upside, a clear break above the said resistance line, at 0.6130, can refresh the monthly top near 0.6160.

Though, the 100-day EMA level on the daily chart, around 0.6170, will remain as the strong upside barrier holding keys for further run-up towards 0.6200 round-figure.

NZD/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.6121
Today Daily Change	17 pips
Today Daily Change %	0.28%
Today daily open	0.6104

Trends
Daily SMA20	0.6069
Daily SMA50	0.5996
Daily SMA100	0.6214
Daily SMA200	0.632

Levels
Previous Daily High	0.611
Previous Daily Low	0.6083
Previous Weekly High	0.6159
Previous Weekly Low	0.5927
Previous Monthly High	0.6176
Previous Monthly Low	0.5843
Daily Fibonacci 38.2%	0.6099
Daily Fibonacci 61.8%	0.6093
Daily Pivot Point S1	0.6088
Daily Pivot Point S2	0.6072
Daily Pivot Point S3	0.6062
Daily Pivot Point R1	0.6115
Daily Pivot Point R2	0.6125
Daily Pivot Point R3	0.6141

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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