NZD/USD Price Analysis: Stays defensive above 0.6270 support confluence

NZD/USD licks its wounds near one-month low, probes three-day downtrend.
Convergence of 200-day EMA, lower line of rising wedge challenges bears.
50-day EMA guards immediate recovery but downbeat oscillators pushback bullish bias.

Anil Panchal FXStreet

NZD/USD seesaws around the 0.6300 round figure as bears take a breather, after a three-day south-run, during early Tuesday. In doing so, the Kiwi pair portrays a corrective bounce off the 0.6270 support confluence amid downbeat oscillators.

Even so, the Kiwi pair’s sustained trading below the 50-day Exponential Moving Average (EMA) keeps the sellers hopeful unless the quote surpasses the 0.6340 immediate hurdle.

During the quote’s upside past 0.6340, the 0.6400 and 0.6500 round figures may offer an intermediate halt before challenging the bearish formation, namely the rising wedge, by attacking the top line of the pattern, currently around 0.6545.

It’s worth noting that the NZD/USD pair’s run-up beyond 0.6545 could propel prices toward June 2022 high near 0.6575 ahead of highlighting the 0.6600 threshold for the bulls.

Alternatively, a daily closing below the 0.6270 key support, encompassing the 200-day EMA and bottom line of the stated wedge, will confirm the bearish chart pattern, putting the base for a theoretical slump towards the sub-0.6000 levels.

During the anticipated fall, the mid-November 2022’s low near 0.6065 and the 0.6000 psychological magnet could act as the key intermediate halts.

Overall, NZD/USD remains on the bear’s radar despite the latest rebound.

NZD/USD: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.6305
Today Daily Change	-0.0019
Today Daily Change %	-0.30%
Today daily open	0.6324

Trends
Daily SMA20	0.6434
Daily SMA50	0.637
Daily SMA100	0.6107
Daily SMA200	0.6191

Levels
Previous Daily High	0.6485
Previous Daily Low	0.6322
Previous Weekly High	0.6538
Previous Weekly Low	0.6322
Previous Monthly High	0.6531
Previous Monthly Low	0.619
Daily Fibonacci 38.2%	0.6384
Daily Fibonacci 61.8%	0.6423
Daily Pivot Point S1	0.6269
Daily Pivot Point S2	0.6214
Daily Pivot Point S3	0.6106
Daily Pivot Point R1	0.6432
Daily Pivot Point R2	0.654
Daily Pivot Point R3	0.6595

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.

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