NZD/USD technical analysis: Move beyond 100-DMA/0.6700 handle to open room for strong follow-through

The NZD/USD pair maintained its bid tone for the fourth consecutive session on Wednesday and is hovering around the 0.6685-90 strong horizontal resistance.
This is closely followed by the 0.6700 confluence region - comprising of 100-day SMA and 50% Fibonacci retracement level of the 0.6939-0.6482 recent bearish slide.

Haresh Menghani FXStreet

Technical indicators on the daily chart are holding comfortably in the bullish territory and are still far from pointing to overbought conditions, supporting prospects for an eventual bullish breakout and an extension of the positive momentum.

A convincing break through the mentioned barrier now seems to set the stage for a follow-through up-move towards the 0.6800 round figure mark, which coincides with 61.8% Fibo. level and might now be the next major hurdle for bullish traders.

Meanwhile, any rejection slide from the current resistance zone now seems to attract some fresh buying near the 0.6600 round figure mark, which if broken might negate the near-term constructive set-up and again turn the pair vulnerable.

NZD/USD daily chart

NZD/USD

Overview
Today last price	0.6692
Today Daily Change	0.0012
Today Daily Change %	0.18
Today daily open	0.668

Trends
Daily SMA20	0.6582
Daily SMA50	0.6588
Daily SMA100	0.6699
Daily SMA200	0.6711

Levels
Previous Daily High	0.6694
Previous Daily Low	0.6594
Previous Weekly High	0.6606
Previous Weekly Low	0.649
Previous Monthly High	0.6684
Previous Monthly Low	0.6481
Daily Fibonacci 38.2%	0.6656
Daily Fibonacci 61.8%	0.6632
Daily Pivot Point S1	0.6618
Daily Pivot Point S2	0.6556
Daily Pivot Point S3	0.6518
Daily Pivot Point R1	0.6718
Daily Pivot Point R2	0.6756
Daily Pivot Point R3	0.6818

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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