NZD/USD Price Analysis: Struggles near 0.5800, rebounds from a 11-month low

NZD/USD pulls back from a 11-month low at 0.5773.
The pair inclines toward the weaker sentiment suggested by the technical indicators.
Nine-day EMA appears to be the barrier lined up with the 0.5850 psychological level.

Akhtar Faruqui FXStreet

NZD/USD dropped to a 11-month low at 0.5773 on Thursday. However, the pair has retraced the daily losses during the European session, struggling to halt a two-day losing streak.

The Moving Average Convergence Divergence (MACD) line persists below both the centerline and the signal line, setting a bearish tone for the NZD/USD pair, as echoed by market sentiment. Investors will likely watch the Kiwi’s Consumer Confidence on Friday, a key indicator for gauging sentiment and economic outlook.

The pair trades around the 0.5800 psychological level followed by the nine-day Exponential Moving Average (EMA) at 0.5849, which emerges as the key resistance lined up with the 0.5850 major level.

A firm break above the level could contribute support for the NZD/USD pair to explore the next psychological region around 0.5900 level following the 23.6% Fibonacci retracement at 0.5920.

On the downside, the region around the intraday low could act again as the immediate support followed by November’s low at 0.5740.

Furthermore, the NZD/USD duo reveals a subdued momentum, with the 14-day Relative Strength Index (RSI) showcasing a clear inclination towards weakness, dipping below the 50 level.

NZD/USD: Daily Chart

NZD/USD: additional levels to watch

Overview
Today last price	0.5804
Today Daily Change	0.0002
Today Daily Change %	0.03
Today daily open	0.5802

Trends
Daily SMA20	0.5921
Daily SMA50	0.5924
Daily SMA100	0.6041
Daily SMA200	0.6141

Levels
Previous Daily High	0.5872
Previous Daily Low	0.58
Previous Weekly High	0.5931
Previous Weekly Low	0.5815
Previous Monthly High	0.605
Previous Monthly Low	0.5847
Daily Fibonacci 38.2%	0.5828
Daily Fibonacci 61.8%	0.5844
Daily Pivot Point S1	0.5777
Daily Pivot Point S2	0.5753
Daily Pivot Point S3	0.5705
Daily Pivot Point R1	0.5849
Daily Pivot Point R2	0.5897
Daily Pivot Point R3	0.5921

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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