NZD/USD Technical Analysis: Off 4.5-month highs, major bull cross on D1

NZD/USD has pulled back 4.5-month highs above 0.66 hit in the overnight trade.
The daily chart shows a bullish cross of key long-term averages.

Omkar Godbole FXStreet Contributor

NZD/USD is currently sidelined around 0.6585, having hit a high of 0.6603 in the overnight trade. That was the highest level since July 31.

The pullback from 4.5-month highs could be short-lived with the daily chart reporting a bullish crossover of the 50- and 100-day moving averages (MAs). Crossovers are widely following indicators and usually attract technical buyers.

The overbought reading on the 14-day relative strength index would gain credence if and when signs of buyer exhaustion emerge on the daily chart.

Currently, there are no signs of weakening of bullish momentum on the daily chart. In fact, the pair carved out a bullish engulfing candle on Wednesday, signaling the path of least resistance is to the higher side.

Daily chart

Trend: Bullish

Technical levels

NZD/USD

Overview
Today last price	0.6585
Today Daily Change	-0.0003
Today Daily Change %	-0.05
Today daily open	0.6588

Trends
Daily SMA20	0.6464
Daily SMA50	0.6398
Daily SMA100	0.6402
Daily SMA200	0.6538

Levels
Previous Daily High	0.6604
Previous Daily Low	0.6522
Previous Weekly High	0.6576
Previous Weekly Low	0.6424
Previous Monthly High	0.6466
Previous Monthly Low	0.6321
Daily Fibonacci 38.2%	0.6573
Daily Fibonacci 61.8%	0.6553
Daily Pivot Point S1	0.6539
Daily Pivot Point S2	0.6489
Daily Pivot Point S3	0.6457
Daily Pivot Point R1	0.6621
Daily Pivot Point R2	0.6653
Daily Pivot Point R3	0.6703

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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