NZD/USD technical analysis: Bulls trying to seize control above 200-DMA/50% Fibo. confluence region

The NZD/USD pair continued gaining positive traction for the fourth consecutive session and climbed to near three-month tops on the first day of a new trading week.
The pair now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading band comfortably above the 0.6700 round figure mark.

Haresh Menghani FXStreet

Given that the pair has managed to hold above an important confluence region - comprising of the very important 200-day SMA and 50% Fibo. level of the 0.6939-0.6481 recent slide, the set-up might have already tilted in the favour of bullish traders.

Meanwhile, technical indicators on the daily chart have been gaining positive traction and further reinforce the constructive set-up, though slightly overbought conditions on hourly charts held investors from placing any fresh bullish bets.

Hence, it would be prudent to wait for a follow-through buying before traders start positioning for any further near-term appreciating move towards 0.6775-80 intermediate resistance en-route the 0.6800 round figure mark.

On the flip side, 38.2% Fibo. level, around mid-0.6600s, now seems to protect the immediate downside, which if broken might prompt some technical selling and accelerate the slide back towards testing another confluence support near the 0.6600-0.6595 region - comprising of 50-day SMA and 23.6% Fibo. level.

NZD/USD daily chart

NZD/USD

Overview
Today last price	0.6718
Today Daily Change	0.0022
Today Daily Change %	0.33
Today daily open	0.6696

Trends
Daily SMA20	0.6634
Daily SMA50	0.6592
Daily SMA100	0.6682
Daily SMA200	0.6715

Levels
Previous Daily High	0.6699
Previous Daily Low	0.6657
Previous Weekly High	0.6699
Previous Weekly Low	0.6567
Previous Monthly High	0.6722
Previous Monthly Low	0.6487
Daily Fibonacci 38.2%	0.6683
Daily Fibonacci 61.8%	0.6673
Daily Pivot Point S1	0.6669
Daily Pivot Point S2	0.6642
Daily Pivot Point S3	0.6627
Daily Pivot Point R1	0.6711
Daily Pivot Point R2	0.6726
Daily Pivot Point R3	0.6753

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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