NZD/USD Price Analysis: Retreats from the three-month highs, stays above 0.6150

NZD/USD trims intraday gains as US Dollar attempts to rebound.
Technical indicators suggest revisiting psychological resistance at 0.6200 aligned with the three-month high.
A break below 0.6150 could push the pair to test 23.6% Fibo before the 0.6100 psychological support.

Akhtar Faruqui FXStreet

NZD/USD retraces its intraday gains as the US Dollar rebounds during the early European session on Wednesday. However, the NZD/USD pair received upward support after the release of the Reserve Bank of New Zealand (RBNZ) interest rate decision. RBNZ board members decided to keep the interest rate steady at 5.50%. This decision aligns with widespread expectations in the market.

The NZD/USD trades higher near 0.6160 at the time of writing. The 14-day Relative Strength Index (RSI) is above the 50 level, indicating a bullish sentiment for the NZD/USD pair.

This could encourage bulls of the pair to retest the psychological resistance region around 0.6200 aligned with the three-month high at 0.6208.

A breakthrough above the resistance area could support the NZD/USD pair to approach August’s high at 0.6217.

Moreover, the Moving Average Convergence Divergence (MACD) line, situated above the centerline and the signal line, could be a confirmation of bullish momentum in the market.

On the downside, a break below the major support level of 0.6150 could push the pair to fall to the 23.6% Fibonacci retracement at 0.6105 lined up with the psychological support at 0.6100 before the seven-day Exponential Moving Average (EMA) at 0.6092.

NZD/USD: Daily Chart:

NZD/USD: other technical levels to watch

Overview
Today last price	0.616
Today Daily Change	0.0029
Today Daily Change %	0.47
Today daily open	0.6131

Trends
Daily SMA20	0.5984
Daily SMA50	0.5941
Daily SMA100	0.5992
Daily SMA200	0.609

Levels
Previous Daily High	0.6148
Previous Daily Low	0.6079
Previous Weekly High	0.6092
Previous Weekly Low	0.5978
Previous Monthly High	0.6056
Previous Monthly Low	0.5772
Daily Fibonacci 38.2%	0.6122
Daily Fibonacci 61.8%	0.6105
Daily Pivot Point S1	0.6091
Daily Pivot Point S2	0.605
Daily Pivot Point S3	0.6022
Daily Pivot Point R1	0.616
Daily Pivot Point R2	0.6188
Daily Pivot Point R3	0.6229

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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