NZD/USD Price Analysis: Pierces 100-HMA, two-week-old falling trendline

NZD/USD remains positive above short-term key resistances (now supports).
200-HMA on the bulls’ radars, multiple support to question the bears’ re-entry.

Anil Panchal FXStreet

Having breached 100-HMA and two-week-old falling trend line, NZD/USD takes the bids to 0.5780, up 1.10%, during the initial trading hours on Tuesday.

The kiwi pair currently extends the recovery moves towards a 200-HMA level of 0.5916. However, 38.2% Fibonacci retracement of its declines between March 09 and 19, around 0.5840 could offer the immediate resistance.

During the quote’s further upside past-0.5916, 0.6000 and 61.8% Fibonacci retracement near 0.6075 could lure the bulls.

Alternatively, the resistance-turned-support trend line and 100-HMA, respectively near 0.5765 and 0.5735, can act as the nearby rests should the buyers fail to dominate.

Also limiting the pair’s near-term declines will be a 23.6% Fibonacci retracement level of 0.5700 and a three-day-old support line around 0.5650.

NZD/USD hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.578
Today Daily Change	62 pips
Today Daily Change %	1.08%
Today daily open	0.5718

Trends
Daily SMA20	0.6129
Daily SMA50	0.6345
Daily SMA100	0.6439
Daily SMA200	0.6452

Levels
Previous Daily High	0.5739
Previous Daily Low	0.5589
Previous Weekly High	0.6151
Previous Weekly Low	0.547
Previous Monthly High	0.6504
Previous Monthly Low	0.6192
Daily Fibonacci 38.2%	0.5681
Daily Fibonacci 61.8%	0.5646
Daily Pivot Point S1	0.5625
Daily Pivot Point S2	0.5532
Daily Pivot Point S3	0.5475
Daily Pivot Point R1	0.5775
Daily Pivot Point R2	0.5832
Daily Pivot Point R3	0.5925

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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