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

Today last price 0.623
Today Daily Change -0.0003
Today Daily Change % -0.05%
Today daily open 0.6233
Daily SMA20 0.6334
Daily SMA50 0.6352
Daily SMA100 0.6181
Daily SMA200 0.6185
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



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