NZD/USD reversal from 0.6150 finds support at 0.6100


  • NZD/USD rebound from 0.5920 halts at 0.6150 and the pair pulls back to 0.6100.
  • The kiwi ends a three-day rally as risk appetite falters.
  • The NZD remains steady near the top of a consolidative channel, at 0.6175.

 

The New Zealand’s dollar is set to halt a three-day rally from 0.5920 area after hitting resistance at 0.6150. The pair, however seems steady above 0.6100, consolidating gains near the top of the last five weeks’ horizontal range, from 0.5915 to 0.6160/75

 

The kiwi loses ground as risk appetite vanishes

The NZD/USD advanced on a strong footing earlier this week, to appreciate about 3.5% as the market celebrated the first attempts to ease restrictions after the coronavirus shutdown. Beyond that, RBNZ Governor, Andrew Orr, backtracked on the idea of introducing negative rates, a possibility he suggested only a week before, increasing support for the NZD.

The pair, however, has trimmed gains on Thursday, weighed by sourer market sentiment, with the main equity markets in red amid downbeat macroeconomic data and geopolitical tensions between the US and China increasing negative pressure on risk-sensitive currencies.

NZD/USD consolidating near 0.6175 resistance level

The pair is now trading right above 0.6100 (intra-day level) below here, next potential support levels would be at 0.6060 (Intra-day low) and the 50-day SMA at 0.6000.

On the upside, immediate resistance remains at 0.6175 (April 30 high). If it makes it above here, the pair might increase bullish traction to aim towards the 100-day SMA, now around 0.6225, and then to the 200-day SMA, at 0.6320 area.

NZD/USD key levels to watch

NZD/USD

Overview
Today last price 0.6112
Today Daily Change -0.0033
Today Daily Change % -0.54
Today daily open 0.6145
 
Trends
Daily SMA20 0.6057
Daily SMA50 0.5994
Daily SMA100 0.6231
Daily SMA200 0.6325
 
Levels
Previous Daily High 0.6159
Previous Daily Low 0.6062
Previous Weekly High 0.6157
Previous Weekly Low 0.5921
Previous Monthly High 0.6176
Previous Monthly Low 0.5843
Daily Fibonacci 38.2% 0.6122
Daily Fibonacci 61.8% 0.6099
Daily Pivot Point S1 0.6085
Daily Pivot Point S2 0.6025
Daily Pivot Point S3 0.5988
Daily Pivot Point R1 0.6182
Daily Pivot Point R2 0.6219
Daily Pivot Point R3 0.6279

 

 

 

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