NZD/USD Technical Analysis: Bounce off bullish 20-day MA, but the falling channel still intact

Omkar Godbole FXStreet Contributor

The ascending 20-day moving average (MA) put a floor under the kiwi dollar yesterday, the outlook, however, would turn bullish only if the pair manages to clear the falling channel hurdle, currently at 0.6815.

4-hour chart

As seen above, the NZD/USD is trapped in a descending channel for a 12th straight day. A bull breakout, if confirmed, would signal a continuation of the rally from the Nov. 1 low of 0.6514 and could yield a break above the recent high of 0.6883.

Daily chart

Over on the daily chart, the pair has bounced off nicely from the ascending (bullish) 20-day MA. The prospects of falling channel breakout, however, would weaken sharply if the spot finds acceptance below the 20-day MA, currently at 0.6767.

Trend: Bullish after channel breakout

NZD/USD

Overview:
    Today Last Price: 0.6795
    Today Daily change: 3.0 pips
    Today Daily change %: 0.0442%
    Today Daily Open: 0.6792
Trends:
    Previous Daily SMA20: 0.6752
    Previous Daily SMA50: 0.6636
    Previous Daily SMA100: 0.6658
    Previous Daily SMA200: 0.6874
Levels:
    Previous Daily High: 0.6811
    Previous Daily Low: 0.6753
    Previous Weekly High: 0.6876
    Previous Weekly Low: 0.6767
    Previous Monthly High: 0.663
    Previous Monthly Low: 0.6424
    Previous Daily Fibonacci 38.2%: 0.6789
    Previous Daily Fibonacci 61.8%: 0.6775
    Previous Daily Pivot Point S1: 0.676
    Previous Daily Pivot Point S2: 0.6727
    Previous Daily Pivot Point S3: 0.6702
    Previous Daily Pivot Point R1: 0.6818
    Previous Daily Pivot Point R2: 0.6843
    Previous Daily Pivot Point R3: 0.6876

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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