• After yesterday's two-way move, the pair regained positive traction and built on Friday's recovery move from over two-week lows. The pair climbed to a multi-day high, though seemed struggling to extend the momentum and remained capped below 50-day SMA.
• The mentioned region coincides with a descending trend-channel resistance, extending since early June and might continue to cap gains. Neutral technical indicators on the daily chart further add to investors' indecision over the pair's near-term directional move.
• Hence, it would be prudent to wait for a sustained break through the said confluence resistance before positioning for any near-term up-move. Alternatively, weakness back below the key 0.65 psychological mark might negate prospects for a bullish breakout and prompt some fresh selling.
NZD/USD daily chart
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NZD/USD
Overview:
Last Price: 0.6542
Daily change: 20 pips
Daily change: 0.307%
Daily Open: 0.6522
Trends:
Daily SMA20: 0.6522
Daily SMA50: 0.6582
Daily SMA100: 0.6683
Daily SMA200: 0.6935
Levels:
Daily High: 0.6556
Daily Low: 0.6514
Weekly High: 0.6612
Weekly Low: 0.6465
Monthly High: 0.67
Monthly Low: 0.6501
Daily Fibonacci 38.2%: 0.6531
Daily Fibonacci 61.8%: 0.654
Daily Pivot Point S1: 0.6506
Daily Pivot Point S2: 0.6489
Daily Pivot Point S3: 0.6464
Daily Pivot Point R1: 0.6548
Daily Pivot Point R2: 0.6573
Daily Pivot Point R3: 0.659
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