NZD/USD Price Analysis: Sits near 1-week tops, above mid-0.6400s

NZD/USD edged higher for the third consecutive session on Tuesday.
The set-up supports prospects for a move towards the 0.6500 mark.
The downside is more likely to remain limited near 200-hour SMA.

Haresh Menghani FXStreet

The NZD/USD pair traded with a mild positive bias for the third straight session on Wednesday and was last seen trading near one-week tops, around the 0.6465-70 region.

The overnight solid bounce of around 75-pips from the 0.6385 region – over one-week lows – and a sustained move beyond the 200-hour pivotal point was seen as a key trigger for bullish traders. The emergence of some dip-buying on Wednesday supports prospects for additional gains.

Meanwhile, technical indicators on daily charts maintained their bullish bias and have again started gaining positive traction on hourly charts. This, in turn, reinforces the constructive outlook, for a possible move back towards reclaiming the key 0.6500 psychological mark.

The said level marks the top end of a three-week-old downward sloping channel, which constitutes the formation of a bullish flag chart pattern. A convincing breakthrough should pave the way for the resumption of the recent bullish trajectory witnessed over the past three months.

On the flip side, the daily swing low, around the 0.6440 region, which coincides with 200-hour SMA, now seems to act as immediate strong support. Failure to defend the mentioned support might prompt some technical selling and drag the pair back below the 0.6400 mark.

A subsequent fall below weekly lows, around the 0.6375 region, will set the stage for a further near-term depreciating move. The pair might then accelerate the fall towards challenging the very important 200-day SMA support, currently near the 0.6320 region.

NZD/USD 1-hourly chart

Technical levels to watch

NZD/USD

Overview
Today last price	0.6464
Today Daily Change	0.0010
Today Daily Change %	0.15
Today daily open	0.6454

Trends
Daily SMA20	0.646
Daily SMA50	0.6241
Daily SMA100	0.6178
Daily SMA200	0.6326

Levels
Previous Daily High	0.6462
Previous Daily Low	0.6385
Previous Weekly High	0.6534
Previous Weekly Low	0.6383
Previous Monthly High	0.6585
Previous Monthly Low	0.6186
Daily Fibonacci 38.2%	0.6433
Daily Fibonacci 61.8%	0.6414
Daily Pivot Point S1	0.6405
Daily Pivot Point S2	0.6357
Daily Pivot Point S3	0.6328
Daily Pivot Point R1	0.6482
Daily Pivot Point R2	0.6511
Daily Pivot Point R3	0.6559

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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