NZD/USD Technical Analysis: Seems poised to extend the post-CPI up-move to 1-week tops

Haresh Menghani FXStreet

• A slightly upbeat NZ CPI report assisted the pair to build on the previous session's goodish rebound from over two-week lows and continue gaining traction for the second straight session.

• The positive momentum over the past 12-hours or so helped the pair to decisively breakthrough a one-week-old descending trend-channel and rally to the 0.6800 neighborhood or multi-day tops.

• Technical indicators on the 1-hourly chart are already pointing to slightly overbought conditions warranting some consolidation, especially after the latest leg of an upsurge of nearly 100-pips.

• However, oscillators on 4-hourly/daily charts have just started gaining bullish traction, supporting prospects for some fresh technical buying and an extension of the intraday positive move.

NZD/USD 1-hourly chart

NZD/USD

Overview:
    Today Last Price: 0.6782
Today Daily change %: 0.91%
    Today Daily Open: 0.6721
Trends:
    Daily SMA20: 0.6746
    Daily SMA50: 0.6796
    Daily SMA100: 0.6691
    Daily SMA200: 0.6776
Levels:
    Previous Daily High: 0.6735
    Previous Daily Low: 0.6706
    Previous Weekly High: 0.685
    Previous Weekly Low: 0.6727
    Previous Monthly High: 0.697
    Previous Monthly Low: 0.6686
    Daily Fibonacci 38.2%: 0.6717
    Daily Fibonacci 61.8%: 0.6724
    Daily Pivot Point S1: 0.6706
    Daily Pivot Point S2: 0.6692
    Daily Pivot Point S3: 0.6677
    Daily Pivot Point R1: 0.6735
    Daily Pivot Point R2: 0.675
    Daily Pivot Point R3: 0.6764

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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