NZD/USD Technical Analysis: backing away from 0.6600 in Asia session trading

The Kiwi continues to decline from early Tuesday's spike on better-than-expected CPI for New Zealand, and the NZD/USD is easing back after reaching overbought levels on the macro bump.
The NZD's fresh high for the week is helping to mark in a new swing high for the pair with higher lows beginning to form up from October 8th's bottom at 0.6425, but the 200-hour moving average is beginning to roll over into a bullish trend, implying improving odds of a pullback to the major average before a consistent leg higher.
A decline back past the week's low on the wrong side of 0.6500 could see the NZD/USD's bullish stance get challenged by broader market sentiment, which remains closely tied to risk flows into and out of the US Dollar.

Joshua Gibson FXStreet

NZD/USD Chart, 15-Minute

NZD/USD

Overview:
    Last Price: 0.657
    Daily change: 19 pips
    Daily change: 0.290%
    Daily Open: 0.6551
Trends:
    Daily SMA20: 0.6567
    Daily SMA50: 0.6598
    Daily SMA100: 0.6729
    Daily SMA200: 0.697
Levels:
    Daily High: 0.6558
    Daily Low: 0.6494
    Weekly High: 0.6534
    Weekly Low: 0.6424
    Monthly High: 0.67
    Monthly Low: 0.6424
    Daily Fibonacci 38.2%: 0.6533
    Daily Fibonacci 61.8%: 0.6519
    Daily Pivot Point S1: 0.6511
    Daily Pivot Point S2: 0.6471
    Daily Pivot Point S3: 0.6448
    Daily Pivot Point R1: 0.6574
    Daily Pivot Point R2: 0.6597
    Daily Pivot Point R3: 0.6637

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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