• The pair trimmed a part of its post-RBNZ strong gains and has now retreated to 38.2% Fibonacci retracement level of the intraday upsurge of over 125-pips.
• Weakness back below 200-hour SMA was seen as a key trigger for behind the pair's latest leg of downtick following the release of slightly better US CPI report.
• Meanwhile, the intraday corrective slide has been along a descending trend-channel, which constitutes towards the formation of a bullish continuation flag chart pattern.
• Oscillators on 4-hourly/daily charts maintained their bullish bias and have also eased from overbought conditions on the 1-hourly chart, pointing to some dip-buying interest.
• Hence, any subsequent slide seems more likely to be seen as a buying opportunity and should find decent support near 50% Fibonacci level, around the 0.6790 region.
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NZD/USD
Overview:
Today Last Price: 0.6807
Today Daily change %: 1.01%
Today Daily Open: 0.6739
Trends:
Daily SMA20: 0.6805
Daily SMA50: 0.6791
Daily SMA100: 0.6726
Daily SMA200: 0.6755
Levels:
Previous Daily High: 0.6745
Previous Daily Low: 0.6719
Previous Weekly High: 0.6907
Previous Weekly Low: 0.6729
Previous Monthly High: 0.694
Previous Monthly Low: 0.6516
Daily Fibonacci 38.2%: 0.6735
Daily Fibonacci 61.8%: 0.6729
Daily Pivot Point S1: 0.6724
Daily Pivot Point S2: 0.6708
Daily Pivot Point S3: 0.6698
Daily Pivot Point R1: 0.675
Daily Pivot Point R2: 0.676
Daily Pivot Point R3: 0.6776
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