NZD/USD Technical Analysis: Defending key trendline support

The NZD/USD's pullback from the high of 0.6819 is somewhat discouraging, although the outlook remains bullish as long as the ascending trendline from Oct. 31 lows is intact.
At press time, the pair is bouncing off from that trendline support, currently at 0.6747. A rebound from the trendline support and a break above 0.68 would imply that the pullback has ended and the rally, as signaled by the ascending 5- and 10-day EMAs, have resumed.
The bullish tone may weaken, opening doors for a drop to 0.6690 (hourly chart support) if the trendline support is breached.

Omkar Godbole FXStreet Contributor

Hourly Chart

Trend: Bearish below trendline support

NZD/USD

Overview:
    Last Price: 0.6761
    Daily change: 11 pips
    Daily change: 0.163%
    Daily Open: 0.675
Trends:
    Daily SMA20: 0.6588
    Daily SMA50: 0.6577
    Daily SMA100: 0.666
    Daily SMA200: 0.6908
Levels:
    Daily High: 0.6802
    Daily Low: 0.6741
    Weekly High: 0.669
    Weekly Low: 0.6513
    Monthly High: 0.663
    Monthly Low: 0.6424
    Daily Fibonacci 38.2%: 0.6764
    Daily Fibonacci 61.8%: 0.6779
    Daily Pivot Point S1: 0.6727
    Daily Pivot Point S2: 0.6704
    Daily Pivot Point S3: 0.6667
    Daily Pivot Point R1: 0.6787
    Daily Pivot Point R2: 0.6824
    Daily Pivot Point R3: 0.6847

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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