NZD/USD Price Analysis: Scales above 0.6500 as risk-off fades


  • NZD/USD has overstepped the 0.6500 resistance amid a cheerful market mood.
  • The New Zealand Dollar is driving the Kiwi asset towards the upper portion of the Rising Channel.
  • An oscillation in the bullish range by the RSI (14) indicates more upside ahead.

The NZD/USD pair surpassed the psychological resistance of 0.6500 in the early European session. The kiwi asset has picked strength as the US Dollar Index (DXY) has witnessed immense pressure after failing to recapture Monday’s high at 101.87. The USD Index has refreshed its day’s low at 101.47, portraying a risk appetite theme in the market.

The S&P500 futures have managed to recover their morning losses and have turned positive. Meanwhile, the 10-year US Treasury yields are struggling at around 3.52%.

NZD/USD is marching towards the upper portion of the Rising Channel chart pattern placed on a two-hour scale. The upper portion of the Rising Channel is placed from December 28 high at 0.6356 while the lower portion of the chart pattern is plotted from January 6 low at 0.6190.

The 20-period Exponential Moving Average (EMA) at 0.6464 is acting as a major support for the New Zealand bulls.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in a bullish range of 60.00-80.00, which indicates that the upside momentum is firmer.

For an upside move, the asset needs to surpass Wednesday’s high at 0.6530, which will drive the asset toward June 3 high at 0.6576. A breach of the latter will expose the asset to the round-level resistance at 0.6600.

On the flip side, a breakdown below January 16 high at 0.6426 will drag the Kiwi asset toward January 17 low at 0.6366 followed by January 12 low around 0.6300.

NZD/USD two-hour chart

NZD/USD

Overview
Today last price 0.6506
Today Daily Change 0.0019
Today Daily Change % 0.29
Today daily open 0.6487
 
Trends
Daily SMA20 0.636
Daily SMA50 0.6318
Daily SMA100 0.6068
Daily SMA200 0.6199
 
Levels
Previous Daily High 0.65
Previous Daily Low 0.6437
Previous Weekly High 0.6531
Previous Weekly Low 0.6361
Previous Monthly High 0.6514
Previous Monthly Low 0.623
Daily Fibonacci 38.2% 0.6476
Daily Fibonacci 61.8% 0.6461
Daily Pivot Point S1 0.6449
Daily Pivot Point S2 0.6412
Daily Pivot Point S3 0.6386
Daily Pivot Point R1 0.6512
Daily Pivot Point R2 0.6538
Daily Pivot Point R3 0.6575

 

 

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