NZD/USD technical analysis: 0.6342/36 becomes a tough nut to crack for sellers


  • NZD/USD nears key support confluence following its U-turn from 38.2% Fibonacci retracement.
  • 21/50-day SMA and 23.6% Fibonacci retracement limit the pair’s downside towards monthly rising trend line.

Despite witnessing a pullback during the last one week, NZD/USD refrains from breaking the key support confluence while taking rounds to 0.6355 during early Wednesday.

Prices stay above 21-day and 50-day Simple Moving Averages (SMA), as well as 23.6% Fibonacci retracement of July-October downpour, around 0.6342/36, which in turn portrays the pair’s underlying strength.

However, 38.2% Fibonacci retracement level near 0.6430, followed by September month high close to 0.6455, seems to limit the pair’s immediate upside.

In a case where buyers sneak in around 0.6455, 50% Fibonacci retracement close to 0.6500 will become their favorites.

Alternatively, pair’s sustained break below 0.6336 will set the tone for the next round of declines targeting monthly rising support line, at 0.6270, and monthly bottom close to 0.6200.

NZD/USD daily chart

Trend: pullback expected

additional important levels

Overview
Today last price 0.6356
Today Daily Change 1 pip
Today Daily Change % 0.02%
Today daily open 0.6355
 
Trends
Daily SMA20 0.6335
Daily SMA50 0.634
Daily SMA100 0.6469
Daily SMA200 0.6599
 
Levels
Previous Daily High 0.6376
Previous Daily Low 0.6338
Previous Weekly High 0.6437
Previous Weekly Low 0.6347
Previous Monthly High 0.6452
Previous Monthly Low 0.6249
Daily Fibonacci 38.2% 0.6361
Daily Fibonacci 61.8% 0.6353
Daily Pivot Point S1 0.6337
Daily Pivot Point S2 0.6318
Daily Pivot Point S3 0.6299
Daily Pivot Point R1 0.6375
Daily Pivot Point R2 0.6394
Daily Pivot Point R3 0.6413

 

 

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