NZD/USD Price Analysis: Sellers look for entry below 0.5925

NZD/USD slips below 23.6% Fibonacci retracement.
100-HMA, short-term resistance-turned-support line limit immediate declines.
A fortnight-old rising trend line adds to the support.
Buyers will wait for fresh weekly high for a fresh position.

Anil Panchal FXStreet

Having dropped from one-week high, NZD/USD seesaws around 0.5950, down 0.45%, amid the early Wednesday’s trading session.

While the recent declines dragged the quote below 23.6% Fibonacci retracement of its late-March upside, sellers are likely to be challenged by 100-HMA and the resistance-turned-support line stretched from March 27, around 0.5925.

Also challenging the bears will be an ascending trend line since March 26, 2020, currently at 0.5870.

Meanwhile, an upside clearance of 23.6% Fibonacci retracement level of 0.5960 needs validation from 0.6000 and a sustained run-up beyond the weekly high surrounding 0.6015.

NZD/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.5948
Today Daily Change	-29 pips
Today Daily Change %	-0.49%
Today daily open	0.5977

Trends
Daily SMA20	0.5929
Daily SMA50	0.62
Daily SMA100	0.639
Daily SMA200	0.6413

Levels
Previous Daily High	0.6016
Previous Daily Low	0.592
Previous Weekly High	0.6064
Previous Weekly Low	0.5843
Previous Monthly High	0.645
Previous Monthly Low	0.547
Daily Fibonacci 38.2%	0.5979
Daily Fibonacci 61.8%	0.5957
Daily Pivot Point S1	0.5926
Daily Pivot Point S2	0.5875
Daily Pivot Point S3	0.583
Daily Pivot Point R1	0.6022
Daily Pivot Point R2	0.6067
Daily Pivot Point R3	0.6118

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.