NZD/USD Price Analysis: Takes a U-turn from 21-day EMA to sub-0.6000 area

NZD/USD fails to hold onto recovery gains, drops 0.25% in Asia.
Six-week-old falling trend line, 61.8% Fibonacci retracement add to the resistance.
50% Fibonacci retracement, fortnight-long support line on the bears’ radars.

Anil Panchal FXStreet

NZD/USD registers a 0.25% loss on a day ahead of the European session on Friday. The pair currently extends the pullback moves from 21-day EMA towards 50% Fibonacci retracement of March month downside.

Should sellers dominate past-0.5960 immediate support, a downward slopping trend line since April 08, presently around 0.5900, could restrict the pair’s further declines.

Meanwhile, the pair’s break above 21-day EMA level of 0.6005 will not be considered as a go-ahead signal for buyers due to the presence of a multi-day-old falling resistance line near 0.6040.

Additionally, bulls’ ability to cross 0.6040 on a daily closing basis will be checked by 61.8% Fibonacci retracement level of 0.6075 ahead of pushing then towards the monthly top near 0.6130.

NZD/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.5992
Today Daily Change	-16 pips
Today Daily Change %	-0.27%
Today daily open	0.6008

Trends
Daily SMA20	0.5994
Daily SMA50	0.6095
Daily SMA100	0.6339
Daily SMA200	0.6374

Levels
Previous Daily High	0.6042
Previous Daily Low	0.5911
Previous Weekly High	0.6131
Previous Weekly Low	0.5922
Previous Monthly High	0.645
Previous Monthly Low	0.547
Daily Fibonacci 38.2%	0.5992
Daily Fibonacci 61.8%	0.5961
Daily Pivot Point S1	0.5931
Daily Pivot Point S2	0.5855
Daily Pivot Point S3	0.58
Daily Pivot Point R1	0.6063
Daily Pivot Point R2	0.6118
Daily Pivot Point R3	0.6194

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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