NZD/USD Technical Analysis: 38.2% Fibonacci holds the key to 200-week SMA


  • NZD/USD trades near the highest in five months after breaking a falling trend line since late-March.
  • 50% of Fibonacci retracement will act as an intermediate halt during the extended rise.

NZD/USD takes the bids to 0.6710 during the early trading session on Monday. The kiwi pair confronts 38.2% Fibonacci retracement of July 2017 top to October 2019 downpour. It should, however, be noted that the quote sustains its break of multi-month-old trend line resistance (now support).

With this, prices are likely to extend their seven-week-old upward trajectory towards the 200-week Simple Moving Average (SMA) level of 0.6912. However, July 2019 high near 0.6792 and 50% Fibonacci retracement level of 0.6880 can question buyers during the run-up.

If at all the Bulls manage to dominate beyond 0.6912, the 0.7000 psychological magnet and 61.8% Fibonacci retracement near 0.7040 could be on their watch-list.

Meanwhile, a downside break below the resistance-turned-support, at 0.6600, will fetch the quote to 23.6% Fibonacci retracement, at 0.6525.

Additionally, pair’s further weakness under 0.6525 will have its way down to September month top close to 0.6450.

NZD/USD weekly chart

Trend: Bullish

Additional important levels

Overview
Today last price 0.6708
Today Daily Change 9 pips
Today Daily Change % 0.13%
Today daily open 0.6699
 
Trends
Daily SMA20 0.6589
Daily SMA50 0.6471
Daily SMA100 0.6409
Daily SMA200 0.6524
 
Levels
Previous Daily High 0.6712
Previous Daily Low 0.6666
Previous Weekly High 0.6712
Previous Weekly Low 0.6597
Previous Monthly High 0.6466
Previous Monthly Low 0.6321
Daily Fibonacci 38.2% 0.6694
Daily Fibonacci 61.8% 0.6684
Daily Pivot Point S1 0.6673
Daily Pivot Point S2 0.6646
Daily Pivot Point S3 0.6627
Daily Pivot Point R1 0.6719
Daily Pivot Point R2 0.6738
Daily Pivot Point R3 0.6765

 

 

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