NZD/USD Price Analysis: Steps back from three-month-old resistance near 0.6850

NZD/USD struggles to extend four-day uptrend, eases from intraday top.
MACD conditions, 21-DMA challenge sellers, 0.6860 becomes the key hurdle.

Anil Panchal FXStreet

NZD/USD retreats from daily top to 0.6835, down 0.06% intraday, during Monday’s Asian session. In doing so, the kiwi pair marks another failure to cross horizontal resistance established from late September.

Even so, successful trading above 21-DMA joins the bullish MACD signals and firmer RSI line to keep NZD/USD buyers hopeful. However, a clear upside break of a three-month-old horizontal area near 0.6860 becomes necessary for the kiwi pair’s further upside.

Following that, a run-up towards the 50-DMA near 0.6930 can’t be ruled out. Even so, the early October tops close to 0.6985 and the 0.7000 psychological magnet will challenge the NZD/USD bulls afterward.

Meanwhile, pullback moves may aim for the 21-DMA retest, around 0.6790 by the press time.

In a case where NZD/USD bears manage to conquer the stated DMA support, the 0.6735 and the year 2021 low of 0.6701 will pop up on their radars.

NZD/USD: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.6841
Today Daily Change	-0.0001
Today Daily Change %	-0.01%
Today daily open	0.6842

Trends
Daily SMA20	0.6791
Daily SMA50	0.6926
Daily SMA100	0.6972
Daily SMA200	0.7034

Levels
Previous Daily High	0.6853
Previous Daily Low	0.682
Previous Weekly High	0.6858
Previous Weekly Low	0.6788
Previous Monthly High	0.6891
Previous Monthly Low	0.6701
Daily Fibonacci 38.2%	0.684
Daily Fibonacci 61.8%	0.6833
Daily Pivot Point S1	0.6824
Daily Pivot Point S2	0.6805
Daily Pivot Point S3	0.679
Daily Pivot Point R1	0.6856
Daily Pivot Point R2	0.6871
Daily Pivot Point R3	0.6889

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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