NZD/USD technical analysis: Bulls take a breather near 200-DMA/50% Fibo. confluence region

The NZD/USD pair extended its recent bullish trajectory further beyond the 0.6700 handle, hitting over two-month tops on the last trading day of the week.
Meanwhile, bulls took a brief pause near a confluence region - comprising of the very important 200-day SMA and 50% Fibo. level of the 0.6939-0.6481 downfall.

Haresh Menghani FXStreet

A follow-through buying will confirm a fresh bullish break-out and set the stage for an extension of the recent appreciating move, though traders are likely to wait for the outcome of the US President Donald Trump’s meeting with his Chinese counterpart Xi Jinping.

Momentum beyond the mentioned barrier has the potential to accelerate the up-move towards the 0.6765-70 supply zone (61.8% Fibo. level), before the pair darts towards reclaiming the 0.6800 handle en-route April swing highs, around the 0.683540 region.

Meanwhile, rejection slide from the current resistance zone now seems to find decent support near 38.2% Fibo. level – around the 0.6660-55 region, which if broken might turn the pair vulnerable to aim towards challenging the 0.6600 round figure mark.

NZD/USD daily chart

NZD/USD

Overview
Today last price	0.6707
Today Daily Change	0.0006
Today Daily Change %	0.09
Today daily open	0.6701

Trends
Daily SMA20	0.6592
Daily SMA50	0.6589
Daily SMA100	0.6698
Daily SMA200	0.6711

Levels
Previous Daily High	0.6703
Previous Daily Low	0.6671
Previous Weekly High	0.6606
Previous Weekly Low	0.649
Previous Monthly High	0.6684
Previous Monthly Low	0.6481
Daily Fibonacci 38.2%	0.6691
Daily Fibonacci 61.8%	0.6683
Daily Pivot Point S1	0.668
Daily Pivot Point S2	0.666
Daily Pivot Point S3	0.6648
Daily Pivot Point R1	0.6712
Daily Pivot Point R2	0.6724
Daily Pivot Point R3	0.6744

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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