NZD/USD Technical Analysis: Logs biggest daily gain in 13 months, breakout confirmed


  • NZD/USD's daily chart shows an inverse head-and-shoulders breakout. 
  • The breakout is backed by bullish readings on key indicators. 

NZD/USD jumped 1.32% on Monday to print the biggest single-day gain since Nov. 1, 2018. On that day, the pair had rallied by 2%. 

Monday's solid rise has confirmed an inverse head-and-shoulders breakout on the daily chart

The bullish reversal pattern has opened doors for 0.6744 (target as per the measured move method). On the way higher, the pair may encounter resistance of the 200-day average at 0.6544.

The bullish case looks stronger with the relative strength index reporting an above-50 reading. The MACD histogram is also offering bullish signal with higher bars above the zero line. 

The path of least resistance will remain to the higher side as long as the pair is holding above the neckline support (former resistance) at 0.6473.

Daily chart

Trend: Bullish

Technical levels

NZD/USD

Overview
Today last price 0.6502
Today Daily Change -0.0004
Today Daily Change % -0.06
Today daily open 0.6506
 
Trends
Daily SMA20 0.6399
Daily SMA50 0.636
Daily SMA100 0.6414
Daily SMA200 0.6547
 
Levels
Previous Daily High 0.6512
Previous Daily Low 0.6424
Previous Weekly High 0.6439
Previous Weekly Low 0.6394
Previous Monthly High 0.6466
Previous Monthly Low 0.6321
Daily Fibonacci 38.2% 0.6478
Daily Fibonacci 61.8% 0.6458
Daily Pivot Point S1 0.645
Daily Pivot Point S2 0.6393
Daily Pivot Point S3 0.6362
Daily Pivot Point R1 0.6537
Daily Pivot Point R2 0.6568
Daily Pivot Point R3 0.6625

 

 

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