NZD/USD Price Analysis: Weekly resistance line probes 200-HMA breakout above 0.7200


  • NZD/USD fades the previous day’s recovery moves after probing the weekly top.
  • RSI, MACD look to ease upside bias, sellers can eye 0.7200 below the key HMA.
  • Upbeat fundamentals from New Zealand, broad US dollar weakness favor the bulls.

Having recently probed the weekly high near 0.7240, NZD/USD recedes to 0.7224 during Wednesday’s Asian trading. In doing so, the kiwi pair steps back from a falling trend line from December 06 while also keeping the upside break of 200-HMA, flashed the previous day.

New Zealand’s upbeat fundamentals, coupled with the US dollar index (DXY) weakness, join the sustained break of 200-HMA to keep NZD/USD buyers hopeful.

Read: New Zealand's fiscal response to coronavirus has been strongest among advanced nations

As a result, a short-term falling trend line from January 06, at 0.7233 now, is likely to be breached soon, which in turn poses threats to Friday’s top near 0.7280 and the 0.7300 round-figure.

During the quote’s sustained trading above the 0.7300 threshold, the multi-month high flashed early in January around 0.7320 and the March 2018 peak surrounding 0.7400 will be on the NZD/USD bull’s radar.

Meanwhile, a downside break below the 200-HMA level of 0.7218 will eye for the 0.7200 psychological support before challenging the monthly bottom surrounding 0.7145.

However, NZD/USD bears’ dominance past-0.7145 will eye for the previous month’s low near the 0.7000 level.

NZD/USD hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price 0.7223
Today Daily Change -3 pips
Today Daily Change % -0.04%
Today daily open 0.7226
 
Trends
Daily SMA20 0.714
Daily SMA50 0.703
Daily SMA100 0.6841
Daily SMA200 0.66
 
Levels
Previous Daily High 0.723
Previous Daily Low 0.7157
Previous Weekly High 0.7316
Previous Weekly Low 0.7153
Previous Monthly High 0.7241
Previous Monthly Low 0.7002
Daily Fibonacci 38.2% 0.7202
Daily Fibonacci 61.8% 0.7185
Daily Pivot Point S1 0.7179
Daily Pivot Point S2 0.7132
Daily Pivot Point S3 0.7106
Daily Pivot Point R1 0.7252
Daily Pivot Point R2 0.7277
Daily Pivot Point R3 0.7324

 

 

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