NZD/USD technical analysis: Struggles below 0.63 after weak breakout


  • NZD/USD's sideways breach of key falling trendline lacks conviction. 
  • A break above 0.6330 is needed to confirm a bullish breakout. 

NZD/USD is struggling to gather upside traction, having breached key falling trendline with a sideways move on Wednesday.

The currency pair is currently trading at 0.6289, representing marginal losses on the day, having hit a low of 0.6277 in the early Asian trading hours.

Notably, the pair has been restricted largely to a narrow range of 0.6330-0.6280 since Oct. 7 and has moved out of the trendline sloping downwards from July 22 and Sept. 22 highs. The trendline, however, has been breached with a sideways move and lacks conviction.

Hence, the bulls need to observe caution – more so, as the area near 0.6330 has emerged as a strong resistance over the last four trading days.

The outlook, therefore, would turn bullish if and when the pair finds acceptance above 0.6330. That may not happen on Thursday, courtesy of reports stating a US-China trade-talk fallout and the resulting risk aversion. As of writing, the futures on the S&P 500 are reporting a 0.78% drop.

Daily chart

Trend: Bullish above 0.6630

Technical levels

NZD/USD

Overview
Today last price 0.6289
Today Daily Change -0.0003
Today Daily Change % -0.05
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

 

 

Share: Feed news

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD remains heavy near 0.6750 after Australian jobs data

AUD/USD remains heavy near 0.6750 after Australian jobs data

AUD/USD remains under intense selling pressure near 0.6750 in Asian trading on Thursday. Mixed Australian employment data fails to inspire the Australian Dollar while the US Dollar extends the post-Fed recovery amid a cautious market mood. US data awaited. 

AUD/USD News
USD.JPY jumps above 143.50, focus shifts to BoJ rate decision

USD.JPY jumps above 143.50, focus shifts to BoJ rate decision

The USD/JPY pair gains traction around 143.55 on Thursday during the early Asian session. The uptick of the major pair is bolstered by the recovery of the US Dollar. Investors will shift their attention to the Bank of Japan interest rate decision on Friday. 

USD/JPY News
Gold price stalls post-FOMC pullback from all-time peak; lacks firm intraday direction

Gold price stalls post-FOMC pullback from all-time peak; lacks firm intraday direction

Gold price oscillates in a range on Thursday and consolidates the previous day's post-FOMC rejection slide from the $2,600 mark or a fresh record high. Persistent geopolitical risks, along with signs of economic trouble in the US and China, lend support to the safe-haven metal.

Gold News
Ethereum attempts recovery following first rate cut in four years

Ethereum attempts recovery following first rate cut in four years

Ethereum is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds recorded $15.1 million in outflows.

Read more
Australian Unemployment Rate expected to hold steady at 4.2% in August

Australian Unemployment Rate expected to hold steady at 4.2% in August

The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures