NZD/USD technical analysis: 200-hour MA scaled, further gains likely on US-China trade optimism

NZD/USD has cleared the resistance of the 200-hour moving average.
The easing US-China trade tensions and the technical setup favors further gains.

Omkar Godbole FXStreet Contributor

NZD/USD has found acceptance above the 200-hour moving average (MA) and could rise furher on the US-China trade optimism.

The currency pair is currently trading at 0.6344, representing 0.30% gains on the day. The 200-hour MA is now located at 0.6327. The Reserve Bank of New Zealand kept rates unchanged at 1.00% as expected.

The 50- and 100-hour MAs have produced a bullish crossover and the relative strength index is reporting bullish conditions with an above-50 print.

Further, the daily chart shows a bullish reversal candlestick setup – the pair created an inside bar candle on Monday and posted a strong follow-through on Tuesday.

All-in-all, the pair is likely to extend gains during the day ahead – more so due to the easing US-China trade tensions. Reports hit the wires a few minutes before press time that China has decided to support purchases of more US farm products, including soybeans and pork, by offering exemptions from additional tariffs as a goodwill gesture ahead next month's high-level trade talks.

Hourly chart

Trend: Bullish

Technical levels

NZD/USD

Overview
Today last price	0.6344
Today Daily Change	0.0020
Today Daily Change %	0.32
Today daily open	0.6324

Trends
Daily SMA20	0.635
Daily SMA50	0.6461
Daily SMA100	0.6529
Daily SMA200	0.6652

Levels
Previous Daily High	0.6332
Previous Daily Low	0.6286
Previous Weekly High	0.6392
Previous Weekly Low	0.6254
Previous Monthly High	0.659
Previous Monthly Low	0.6283
Daily Fibonacci 38.2%	0.6314
Daily Fibonacci 61.8%	0.6304
Daily Pivot Point S1	0.6296
Daily Pivot Point S2	0.6268
Daily Pivot Point S3	0.625
Daily Pivot Point R1	0.6342
Daily Pivot Point R2	0.636
Daily Pivot Point R3	0.6388

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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