NZD/USD Price Analysis: Retreats from key Fibonacci resistance amid overbought RSI


  • NZD/USD eases after refreshing four-month high, probes two-day uptrend.
  • 61.8% Fibonacci retracement of February-August fall challenge bulls.
  • September’s top restricts immediate downside ahead of 200-DMA.
  • Overbought RSI also plays role in latest pullback.

NZD/USD drops back to 0.7200, taking a U-turn from a fresh multi-day high heading into Thursday’s European session.

In doing so, the Kiwi pair justifies overbought RSI conditions while stepping back from the 61.8% Fibonacci retracement level (Fibo.) of the quote’s downtrend from February to August 2021.

However, sellers are likely to wait for a downside break of the previous month’s high, near 0.7170, to take fresh entry.

Even so, 200-DMA and previous resistance line from February, respectively around 0.7100 and 0.7075, question NZD/USD declines.

On the contrary, a daily closing past 61.8% Fibo. of 0.7213 will head towards May’s top near 0.7315-20.

During the anticipated rally, RSI may play its role to portray intermediate pullbacks near 0.7280 and the 0.7300 levels.

NZD/USD: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 0.7208
Today Daily Change 0.0006
Today Daily Change % 0.08%
Today daily open 0.7202
 
Trends
Daily SMA20 0.6994
Daily SMA50 0.7012
Daily SMA100 0.7021
Daily SMA200 0.7101
 
Levels
Previous Daily High 0.7209
Previous Daily Low 0.7146
Previous Weekly High 0.7078
Previous Weekly Low 0.6912
Previous Monthly High 0.7171
Previous Monthly Low 0.6859
Daily Fibonacci 38.2% 0.7185
Daily Fibonacci 61.8% 0.717
Daily Pivot Point S1 0.7162
Daily Pivot Point S2 0.7123
Daily Pivot Point S3 0.7099
Daily Pivot Point R1 0.7225
Daily Pivot Point R2 0.7249
Daily Pivot Point R3 0.7288

 

 

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