NZD/USD technical analysis: Refreshes weekly tops, awaits a move beyond 0.6325-30 supply zone

The pair quickly reverses an early Asian session dip to one-week lows.
A sustained move above 0.6325-30 area needed to confirm bullish bias.

Haresh Menghani FXStreet

The NZD/USD pair built on its solid intraday rebound from one-week lows and is currently placed at the top end of its weekly trading range, around the 0.6325 supply zone. The mentioned region has been acting as a key barrier over the past one week or so and hence, should now act as a key pivotal point for short-term traders.

Meanwhile, technical indicators on hourly charts have been gaining positive traction and also recovered from the bearish territory on the daily chart. The set-up support prospects for an eventual near-term bullish breakout and an extension of the pair's recent recovery move from multi-year lows set earlier this October.

On a sustained move beyond the mentioned barrier, the pair is likely to aim towards reclaiming the 0.6400 handle. The momentum could further get extended even beyond the 0.6425-30 intermediate resistance towards testing September monthly swing highs resistance near mid-0.6400s.

On the flip side, any meaningful slide back below the 0.6300 handle now seems to find some support near the 200-hour SMA, currently near the 0.6285 region, which if broken might prompt some aggressive technical selling and accelerate the slide back towards challenging the 0.6245 horizontal support.

NZD/USD 1-hourly chart

NZD/USD

Overview
Today last price	0.6326
Today Daily Change	0.0034
Today Daily Change %	0.54
Today daily open	0.6292

Trends
Daily SMA20	0.6306
Daily SMA50	0.6373
Daily SMA100	0.65
Daily SMA200	0.6628

Levels
Previous Daily High	0.6325
Previous Daily Low	0.6288
Previous Weekly High	0.6338
Previous Weekly Low	0.6204
Previous Monthly High	0.6452
Previous Monthly Low	0.6249
Daily Fibonacci 38.2%	0.6302
Daily Fibonacci 61.8%	0.6311
Daily Pivot Point S1	0.6278
Daily Pivot Point S2	0.6264
Daily Pivot Point S3	0.6241
Daily Pivot Point R1	0.6316
Daily Pivot Point R2	0.6339
Daily Pivot Point R3	0.6353

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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