NZD/USD Price Analysis: Steps back from six-week-old horizontal resistance

NZD/USD snaps three-day uptrend, refreshes intraday low of late.
50-SMA, multiday-old horizontal resistance challenge short-term bulls.
200-SMA, falling trend line from mid-September adds to the upside filters.

Anil Panchal FXStreet

NZD/USD pulls back from a one-week high to snap the latest recovery moves, offered around 0.6955 during early Tuesday.

The kiwi pair’s previous three-day advances failed to cross 50-SMA and a horizontal area comprising multiple levels marked since late August.

Even so, firmer RSI and sustained trading beyond the 0.6930 resistance-turned-support keeps the NZD/USD buyers hopeful.

In addition to the 0.6930 support from August, the 0.6900 threshold and September’s low near 0.6860 also challenges the pair sellers.

On the contrary, an upside break of the stated horizontal area surrounding 0.6985 will aim for the 200-SMA level of 0.7021.

However, any further advances past 200-SMA will be questioned by a downward sloping trend line from September 15, near 0.7030.

NZD/USD: Four-hour chart

Trend: Pullback expected

Additional impotant levels

Overview
Today last price	0.6955
Today Daily Change	-0.0009
Today Daily Change %	-0.13%
Today daily open	0.6964

Trends
Daily SMA20	0.7033
Daily SMA50	0.701
Daily SMA100	0.7048
Daily SMA200	0.7111

Levels
Previous Daily High	0.6984
Previous Daily Low	0.6926
Previous Weekly High	0.7034
Previous Weekly Low	0.6859
Previous Monthly High	0.7171
Previous Monthly Low	0.6859
Daily Fibonacci 38.2%	0.6962
Daily Fibonacci 61.8%	0.6948
Daily Pivot Point S1	0.6932
Daily Pivot Point S2	0.69
Daily Pivot Point S3	0.6874
Daily Pivot Point R1	0.699
Daily Pivot Point R2	0.7016
Daily Pivot Point R3	0.7048

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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