NZD/USD Technical Analysis: Weekly rising trend channel keeps buyers hopeful

NZD/USD pulls back from a five-month high.
Bullish MACD, short-term rising trend channel favors the pair’s further upside.
Multiple support trend lines since the month’s start will challenge sellers.

Anil Panchal FXStreet

NZD/USD declines to 0.6630 amid the initial trading session on Tuesday. The pair takes a U-turn from the fresh five-month high flashed at the end of Monday’s US session.

Even so, a weekly rising trend channel keeps the buyers hopeful. In doing so, pair’s run-up beyond 0.6640 will push buyers towards early-June month high near 0.6680 whereas 0.6700 round-figure could lure the Bulls then after.

Meanwhile, pair’s declines below the channel’s support of 0.6613 can trigger fresh declines to the two-week-old ascending trendline, at 0.6580.

In a case where bears fail to respect the bullish signals from 12-bar Moving Average Convergence and Divergence (MACD), the monthly support line at 0.6560 will be the key to watch for sellers.

NZD/USD four-hour chart

Trend: Bullish

NZD/USD

Overview
Today last price	0.663
Today Daily Change	-4 pips
Today Daily Change %	-0.06%
Today daily open	0.6634

Trends
Daily SMA20	0.6541
Daily SMA50	0.6444
Daily SMA100	0.6402
Daily SMA200	0.6529

Levels
Previous Daily High	0.664
Previous Daily Low	0.6597
Previous Weekly High	0.6616
Previous Weekly Low	0.6554
Previous Monthly High	0.6466
Previous Monthly Low	0.6321
Daily Fibonacci 38.2%	0.6624
Daily Fibonacci 61.8%	0.6614
Daily Pivot Point S1	0.6608
Daily Pivot Point S2	0.6581
Daily Pivot Point S3	0.6565
Daily Pivot Point R1	0.665
Daily Pivot Point R2	0.6666
Daily Pivot Point R3	0.6693

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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