NZD/USD Price Analysis: Sits near 1-week tops, bulls await a sustained move beyond 0.60 mark

NZD/USD gains traction for the second straight session on Tuesday.
The set-up favours bulls and supports prospects for additional gains.

Haresh Menghani FXStreet

The NZD/USD pair built on its rebound from 38.2% Fibonacci level of the 0.5470-0.6070 recovery move and edged higher for the second consecutive session on Tuesday.

The overnight break through a one-week-old descending trend-channel, coinciding with 100-hour SMA, remained supportive of the ongoing positive move to one-week tops.

However, slightly overbought conditions on the hourly chart held investors from placing fresh bullish bets and failed to assist the pair to find acceptance above the 0.60 mark.

Meanwhile, oscillators on the 4-hourly chart maintained their bullish bias and have also recovered from the negative territory on the daily chart, supporting prospects for additional gains.

Hence, any meaningful pullback towards mid-0.5900s might still be seen as an opportunity to initiate some fresh bullish position, which should help limit any further downfall.

The 100-hour SMA, around the 0.5915 region, now seems to act as an immediate strong near-term support, which if broken might be seen as a key trigger for bearish traders.

NZD/USD 1-hourly chart

Technical levels to watch

NZD/USD

Overview
Today last price	0.5989
Today Daily Change	0.0051
Today Daily Change %	0.86
Today daily open	0.5938

Trends
Daily SMA20	0.5944
Daily SMA50	0.6211
Daily SMA100	0.6395
Daily SMA200	0.6417

Levels
Previous Daily High	0.5964
Previous Daily Low	0.585
Previous Weekly High	0.6064
Previous Weekly Low	0.5843
Previous Monthly High	0.645
Previous Monthly Low	0.547
Daily Fibonacci 38.2%	0.592
Daily Fibonacci 61.8%	0.5894
Daily Pivot Point S1	0.5871
Daily Pivot Point S2	0.5803
Daily Pivot Point S3	0.5757
Daily Pivot Point R1	0.5985
Daily Pivot Point R2	0.6031
Daily Pivot Point R3	0.6099

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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