NZD/USD Price Analysis: Sits above the 200-DMA, eyeing 0.6100
- NZD/USD is bullish but at the brisk of tumbling below the 0.6000 mark.
- Buyers must reclaim 0.6100 to gather momentum and test the 0.6200 mark.
- Sellers target a downward break of the 200-DMA, as they target 0.5900.
NZD/USD extended its gains to three straight trading days, hitting a three-and-a-half-month high of 0.6107 on Monday. At the time of writing, the pair is virtually unchanged, trading at 0.6096 as the Tuesday Asian session begins.
From a daily chart perspective, the NZD/USD is upward biased, but it remains at buyers' expense to keep the exchange rate above the 200-day moving average (DMA), which sits at 0.6089. In that outcome, the 0.6100 figure is the first ceiling level to be conquered, so the pair remains bullish. The next key resistance level would be the 0.6150 psychological level, followed by the 0.6200 figure and the July 31 high at 0.6225.
Otherwise, the NZD/USD’s dropping below the 200-DMA would open the door for sellers to push the price toward the November 27 daily low of 0.6060, before eyeing the November 22 swing low of 0.5996. Once those levels are cleared, the pair would drop to the confluence of the November 17 low and the 50-DMA at around 0.5940.
NZD/USD Price Analysis – Daily Chart
NZD/USD Technical Levels
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
