NZD/USD Technical Analysis: Bulls await a move beyond 200-hour EMA, 38.2% Fibo. confluence hurdle

NZD/USD regains some positive traction on Monday.
The set-up warrants some caution for aggressive traders.

Haresh Menghani FXStreet

The NZD/USD pair once again showed some resilience below mid-0.6600s and caught some fresh bids on the first day of a new trading week.

The pair recovered a part of Friday's slide to over one-week lows, albeit struggled to extend the positive momentum further beyond 200-hour EMA.

The mentioned hurdle coincides with 38.2% Fibonacci level of the 0.6554-0.6756 recent move up and should act as a key pivotal point for short-term traders.

Meanwhile, mixed technical indicators on hourly/daily charts haven't been supportive of a firm direction and warrant some caution for aggressive traders.

Hence, it will be prudent to wait for some follow-through buying beyond the said confluence barrier, around the 0.6675-80 region before placing fresh bullish bets.

On the flip side, the 0.6650-45 area might continue to protect the immediate downside and is closely followed by 61.8% Fibo. support near the 0.6630 region.

Failure to defend the mentioned support levels might now turn the pair vulnerable to accelerate the slide further towards testing the 0.6600 round-figure mark.

NZD/USD 1-hourly chart

NZD/USD

Overview
Today last price	0.6672
Today Daily Change	0.0006
Today Daily Change %	0.09
Today daily open	0.6666

Trends
Daily SMA20	0.6633
Daily SMA50	0.6503
Daily SMA100	0.6423
Daily SMA200	0.6521

Levels
Previous Daily High	0.6706
Previous Daily Low	0.6643
Previous Weekly High	0.6756
Previous Weekly Low	0.6643
Previous Monthly High	0.6756
Previous Monthly Low	0.6424
Daily Fibonacci 38.2%	0.6667
Daily Fibonacci 61.8%	0.6682
Daily Pivot Point S1	0.6637
Daily Pivot Point S2	0.6608
Daily Pivot Point S3	0.6574
Daily Pivot Point R1	0.67
Daily Pivot Point R2	0.6735
Daily Pivot Point R3	0.6763

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.