NZD/USD technical analysis: Off 3-month highs, bullish momentum weakening

  • NZD/USD has backed off from a three-month high of 0.6736.
  • A key indicator is showing signs of bullish exhaustion.

NZD/USD is currently trading at 0.6727, having hit a high of 0.6736 earlier today. That has been the highest level since April 17.

The moving average convergence divergence (MACD) on the 4-hour chart hasn't confirmed the three-month high, a sign the bullish momentum may be running out of steam.

As a result, a minor pullback to 0.67 cannot be ruled out.  It is worth noting that the 200-day moving average is currently located at 0.6709 with the 14-day relative strength index (RSI) reporting bullish conditions with an-above 50 reading. The MACD on the daily chart is also biased bullish.

Hence, a dip to 0.6709-0.67 could be short-lived. Overall, the path of least resistance will remain to the higher side as long as the pair is held above Monday's low of 0.6684.

4-hour chart

Trend: pullback likely

Pivot points

    1. R3 0.679
    2. R2 0.6763
    3. R1 0.6741
  1. PP 0.6713
    1. S1 0.6692
    2. S2 0.6664
    3. S3 0.6642


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD struggles below 1.1100 amid stimulus concerns

EUR/USD remains on the back foot below 1.1100 as investors fear that Germany's potential stimulus package will be insufficient. Tension is mounting toward Powell's critical speech on Friday.


GBP/USD struggles with 1.2100 amid growing Brexit uncertainty

GBP/USD is trading close to 1.2100, down. UK PM Johnson's request to abandon the Irish backstop in the Brexit accord was rebuffed by the EU ahead of top-level meetings.


USD/JPY retraces from 3-day top as risk-on takes a breather

The Asian traders look for further details to extend the USD/JPY pair’s previous run-up as a pullback emerges on the chart around 106.60 heading into Tuesday’s European session.


Gold: Bearish outside bar reversal favors drop to $1,480

Gold closed well below $1,504 on Monday, validating the bearish outside bar candlestick pattern created on Friday. A bearish outside bar candle occurs when the price action for a specific day falls outside the high and low of the preceding day.

Gold News

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Planning the next bullish move after consolidating gains

Trading cryptos is not a one-way street – meteoric unstoppable gains belong to the past. Nevertheless, the bullish sentiment seems to prevail. Digital coins advanced on Monday and are consolidating on Tuesday. 

Read more