- 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
|Today last price||0.7208|
|Today Daily Change||0.0006|
|Today Daily Change %||0.08%|
|Today daily open||0.7202|
|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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