NZD/USD Price Analysis: Trims NZ Q4 CPI-led gains above 0.7200


  • NZD/USD extends pullback from the recently refreshed one-week high of 0.7226
  • Bullish MACD and successful trading above 100-bar SMA keep buyers hopeful.
  • Immediate rising trend line, 200-bar SMA adds to the downside filters.

NZD/USD drops to 0.7211 while consolidating recent gains during Friday’s Asian session. Even so, the kiwi pair marks 0.15% intraday upside, triggered mainly after New Zealand’s (NZ) upbeat fourth quarter (Q4) Consumer Price Index (CPI) data.

Read: NZD/USD jumps above 0.7200 on strong New Zealand Q4 CPI

Although the recent pullback eyes to revisit 100-bar SMA, at 0.7196 now, bullish MACD and sustained trading beyond an ascending trend line from Tuesday as well as 200-bar SMA favor the NZD/USD buyers.

It should, however, be noted that a horizontal area comprising multiple highs marked since late-January 08, around 0.7240/45 restricts the quote’s short-term upside.

As a result, NZD/USD traders should wait for a clear break of either 0.7196 or 0.7245 for fresh moves.

While an upside break of 0.7245 will target the monthly high of 0.7316, the quote’s declines below 0.7196 will have to break the immediate support line, at 0.7163 now, followed by a 200-bar SMA level of 0.7148, to please sellers.

Should NZD/USD bears keep the reins past-0.7148, the monthly’s low around 0.7096 should return to the chart.

NZD/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 0.7215
Today Daily Change 12 pips
Today Daily Change % 0.17%
Today daily open 0.7203
 
Trends
Daily SMA20 0.716
Daily SMA50 0.7081
Daily SMA100 0.6873
Daily SMA200 0.6639
 
Levels
Previous Daily High 0.7224
Previous Daily Low 0.7168
Previous Weekly High 0.7241
Previous Weekly Low 0.7118
Previous Monthly High 0.7241
Previous Monthly Low 0.7002
Daily Fibonacci 38.2% 0.7203
Daily Fibonacci 61.8% 0.7189
Daily Pivot Point S1 0.7172
Daily Pivot Point S2 0.7142
Daily Pivot Point S3 0.7116
Daily Pivot Point R1 0.7228
Daily Pivot Point R2 0.7254
Daily Pivot Point R3 0.7284

 

 

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