NZD/USD technical analysis: Bulls challenge a strong horizontal resistance, ahead of 0.6700 handle

The NZD/USD pair built on its post-RBNZ upsurge and climbed to two-month tops in the last hour, testing the 0.6985 strong horizontal resistance.
This is closely followed by the 0.6700 congestion zone comprising of 100-day SMA and 50% Fibonacci retracement level of the 0.6939-0.6482 downfall.

Haresh Menghani FXStreet

With technical indicators on daily chart holding comfortably in the bullish territory and still far from pointing to overbought conditions, a convincing break through the mentioned confluence hurdle will confirm a near-term bullish breakout.

A follow-through buying has the potential to extend the positive momentum further towards its next major resistance near the 0.6765-70 region - marking 61.8% Fibonacci level en-route the 0.6800 round figure mark and the 0.6825-30 supply zone.

On the flip side, the 0.6600 handle now becomes immediate strong base and should act as a key pivotal point for short-term bullish traders, which if broken might negate any short-term positive bias and again turn the pair vulnerable in the near-term.

NZD/USD daily chart

NZD/USD

Overview
Today last price	0.6683
Today Daily Change	0.0044
Today Daily Change %	0.66
Today daily open	0.6639

Trends
Daily SMA20	0.6574
Daily SMA50	0.6589
Daily SMA100	0.67
Daily SMA200	0.671

Levels
Previous Daily High	0.6662
Previous Daily Low	0.6616
Previous Weekly High	0.6606
Previous Weekly Low	0.649
Previous Monthly High	0.6684
Previous Monthly Low	0.6481
Daily Fibonacci 38.2%	0.6644
Daily Fibonacci 61.8%	0.6633
Daily Pivot Point S1	0.6616
Daily Pivot Point S2	0.6592
Daily Pivot Point S3	0.6569
Daily Pivot Point R1	0.6662
Daily Pivot Point R2	0.6685
Daily Pivot Point R3	0.6709

Author

Haresh Menghani

FXStreet

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

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