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.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.