NZD/USD Technical Analysis: Trims a part of post-RBNZ upsurge, dip-buying to limit further downside

Haresh Menghani FXStreet

• 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.

NZD/USD 1-hourly chart

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

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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