NZD/USD technical analysis: Break of 0.6570 confirms short-term falling wedge on H1 chart

Falling wedge formation favors the pair rise towards 0.6615 on the confirmation.
Current month lows limit the downside with near oversold RSI levels.

Anil Panchal FXStreet

NZD/USD maintains a weeklong “falling wedge” technical formation as it trades near 0.6555 during early Thursday.

Even if the Antipodeans are under pressure due to fundamentals, near oversold levels of 14-bar relative strength index (RSI) and support-line of aforementioned bullish chart pattern can question the pair’s further declines at 0.6545.

In a case where the quote slips beneath 0.6545, the current month lows near 0.6525, 0.6500 and October 2018 low near 0.6425 could gain bears’ attention.

Meanwhile, an upside clearance of 0.6570 can confirm the bullish technical pattern and propel prices towards May 10 tops surrounding 0.6610/15.

Also, the pair’s successful rise past-0.6615 can recall 0.6665 and 0.6685 back on the chart.

NZD/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.6554
Today Daily Change	-9 pips
Today Daily Change %	-0.14%
Today daily open	0.6563

Trends
Daily SMA20	0.6624
Daily SMA50	0.6732
Daily SMA100	0.6765
Daily SMA200	0.6717

Levels
Previous Daily High	0.6579
Previous Daily Low	0.655
Previous Weekly High	0.6632
Previous Weekly Low	0.6526
Previous Monthly High	0.6838
Previous Monthly Low	0.658
Daily Fibonacci 38.2%	0.6561
Daily Fibonacci 61.8%	0.6568
Daily Pivot Point S1	0.6549
Daily Pivot Point S2	0.6535
Daily Pivot Point S3	0.652
Daily Pivot Point R1	0.6578
Daily Pivot Point R2	0.6593
Daily Pivot Point R3	0.6607

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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