NZD/USD seeking 0.6900 in early Monday bull-run

NZD/USD goes +50 pips in early Monday reversal.
Overall markets remain tense, and proximity to the 200-day SMA could keep the Kiwi under wraps.

Joshua Gibson FXStreet

NZD/USD has clipped into 0.6890 as Kiwi bulls look to get the pair back on track and back over the 0.6900 key level, kicking off of a fresh near-term low at 0.6840 at Monday's open.

The Antipodeans are looking for a recovery from Monday's early sell pressure on reappearing trade war tensions and slumping trade data from China over the weekend, but Kiwi bidders appear to have grown tired of getting short-sold, propping NZD/USD up over fifty pips in the early Monday trading session.

Monday's upside move sees the Kiwi geared to make an extended bounce from the 200-day moving average at 0.6820, a key level that the NZD/SD pairing recently broke above, and a successful support play by the 200 SMA could see the NZD set for a new bull phase, but with broader markets being constrained by wobbly equities markets and trade tensions threatening to break out once more, upside potential could remain limited.

NZD/USD Technical Levels

NZD/USD

Overview:
    Today Last Price: 0.6888
    Today Daily change: 26 pips
    Today Daily change %: 0.379%
    Today Daily Open: 0.6862
Trends:
    Previous Daily SMA20: 0.6835
    Previous Daily SMA50: 0.6675
    Previous Daily SMA100: 0.6667
    Previous Daily SMA200: 0.6858
Levels:
    Previous Daily High: 0.6899
    Previous Daily Low: 0.6846
    Previous Weekly High: 0.697
    Previous Weekly Low: 0.6846
    Previous Monthly High: 0.6887
    Previous Monthly Low: 0.6514
    Previous Daily Fibonacci 38.2%: 0.6866
    Previous Daily Fibonacci 61.8%: 0.6879
    Previous Daily Pivot Point S1: 0.6839
    Previous Daily Pivot Point S2: 0.6816
    Previous Daily Pivot Point S3: 0.6786
    Previous Daily Pivot Point R1: 0.6891
    Previous Daily Pivot Point R2: 0.6921
    Previous Daily Pivot Point R3: 0.6944

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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