NZD/USD Price Analysis: Upside momentum fizzles below weekly resistance line

NZD/USD recedes from three-day top despite bullish MACD.
An ascending trend line from May 25 also favors the buyers.
Monthly top near 0.6585 stays on the bulls’ radars.

Anil Panchal FXStreet

NZD/USD retreats from the intraday high of 0.6503 to 0.6490 amid the Asian session on Tuesday. In doing so, the kiwi pair steps back ahead of the short-term resistance line while portraying the failures to stay beyond 0.6500 threshold. Even so, a three-week-old rising trend line and bullish MACD signals keep the upside buyers hopeful.

As a result, the pair’s sustained rise beyond the immediate resistance line near 0.6510 becomes necessary for the quote to challenge the monthly high surrounding 0.6585.

If at all the bulls manage to stay beyond 0.6585, 0.6600 and mid-January tops near 0.6665/70 should return to the charts.

Meanwhile, the pair’s declines below the stated support line, currently around 0.6400, will require validation from the downside break below Monday’s bottom of 0.6380 to push sellers towards the late-May tops surrounding 0.6230.

NZD/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	0.6491
Today Daily Change	16 pips
Today Daily Change %	0.25%
Today daily open	0.6475

Trends
Daily SMA20	0.6317
Daily SMA50	0.6149
Daily SMA100	0.618
Daily SMA200	0.6321

Levels
Previous Daily High	0.6485
Previous Daily Low	0.6381
Previous Weekly High	0.6585
Previous Weekly Low	0.6394
Previous Monthly High	0.6241
Previous Monthly Low	0.5921
Daily Fibonacci 38.2%	0.6445
Daily Fibonacci 61.8%	0.642
Daily Pivot Point S1	0.6409
Daily Pivot Point S2	0.6343
Daily Pivot Point S3	0.6305
Daily Pivot Point R1	0.6513
Daily Pivot Point R2	0.655
Daily Pivot Point R3	0.6616

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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