NZD/USD Price Analysis: Struggles between 200-day EMA and 0.6190 support


  • NZD/USD struggles to extend two-day recovery moves, sidelined of late.
  • Three-week-old descending resistance line guards immediate upside ahead of 200-day EMA.
  • Horizontal area from early January appears strong support to watch amid bearish MACD signals, nearly oversold RSI conditions.

NZD/USD remains defensive near 0.6230, struggling to extend the two-day winning streak during Friday’s Asian session. In doing so, the Kiwi pair grinds with an important trading range amid mixed oscillators.

That said, the quote currently jostles with a downward-sloping resistance line from February 02, close to 0.6250 by the press time, as the RSI (14) line seesaws around the oversold territory while the MACD signals are bearish.

The same suggests that the bearish bias remains intact with the downside room appearing limited.

As a result, a seven-week-old horizontal support area surrounding 0.6190 appears the key for the NZD/USD bears to watch during the quote’s further downside.

It’s worth noting that the Kiwi pair’s downside below 0.6190 could aim for 0.6100 while any further downside will need validation from the mid-November swing low surrounding 0.6060 before poking the 0.6000 threshold.

On the flip side, a daily closing beyond the aforementioned three-week-old resistance line will need to cross the 200-day Exponential Moving Average (EMA) level surrounding 0.6275 to convince the NZD/USD buyers. In that case, a run-up toward the February 14 high near 0.6390 can’t be ruled out.

Overall, NZD/USD is likely to remain bearish but the downside needs validation from 0.6190.

NZD/USD: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 0.623
Today Daily Change -0.0003
Today Daily Change % -0.05%
Today daily open 0.6233
 
Trends
Daily SMA20 0.6334
Daily SMA50 0.6352
Daily SMA100 0.6181
Daily SMA200 0.6185
 
Levels
Previous Daily High 0.6252
Previous Daily Low 0.6202
Previous Weekly High 0.6391
Previous Weekly Low 0.6193
Previous Monthly High 0.6531
Previous Monthly Low 0.619
Daily Fibonacci 38.2% 0.6233
Daily Fibonacci 61.8% 0.6221
Daily Pivot Point S1 0.6206
Daily Pivot Point S2 0.6179
Daily Pivot Point S3 0.6156
Daily Pivot Point R1 0.6256
Daily Pivot Point R2 0.6279
Daily Pivot Point R3 0.6306

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD clings to daily gains above 1.0650

EUR/USD clings to daily gains above 1.0650

EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.

EUR/USD News

GBP/USD recovers toward 1.2450 after UK Retail Sales data

GBP/USD recovers toward 1.2450 after UK Retail Sales data

GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.

GBP/USD News

Gold holds steady at around $2,380 following earlier spike

Gold holds steady at around $2,380 following earlier spike

Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.

Gold News

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in

Bitcoin price shows no signs of directional bias while it holds above  $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research. 

Read more

Week ahead – US GDP and BoJ decision on top of next week’s agenda

Week ahead – US GDP and BoJ decision on top of next week’s agenda

US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.

Read more

Forex MAJORS

Cryptocurrencies

Signatures