NZD/USD Price Analysis: Tests the psychological support of 0.6100 level


  • NZD/USD extends losses to the psychological support of 0.6100 on Friday.
  • Technical analysis suggests a bearish momentum to revisit March’s low at 0.6068.
  • The key resistance zone appears around the 23.6% Fibonacci retracement level of 0.6124 and the nine-day EMA at 0.6137.

NZD/USD moves in the negative direction, extending its losses to near the psychological support of 0.6100 during the early European session on Friday. A decisive move below this level could exert downward pressure on the pair to navigate the area around March’s low at 0.6068 and a major support of 0.6050 level.

A break below the latter could lead the NZD/USD pair to revisit February’s low at 0.6037, followed by the psychological support at 0.6000. Traders will closely monitor these levels for potential shifts in market sentiment.

According to the Moving Average Convergence Divergence (MACD) analysis, a prevailing downward sentiment is indicated for the NZD/USD pair. The MACD line is positioned below both the centerline and the signal line, signaling a bearish trend. Additionally, the 14-day Relative Strength Index (RSI) is below the 50 level, providing further confirmation of the bearish sentiment.

On the upside, the NZD/USD pair could find a key barrier lies at the 23.6% Fibonacci retracement level at 0.6124, followed by the nine-day Exponential Moving Average (EMA) of 0.6137. The pair could face further resistance barriers if it climbs higher, with key levels anticipated at 0.6150, followed by the 38.2% Fibonacci retracement level of 0.6179.

NZD/USD: Daily Chart

NZD/USD

Overview
Today last price 0.6107
Today Daily Change -0.0024
Today Daily Change % -0.39
Today daily open 0.6131
 
Trends
Daily SMA20 0.6146
Daily SMA50 0.6139
Daily SMA100 0.6122
Daily SMA200 0.608
 
Levels
Previous Daily High 0.6176
Previous Daily Low 0.6121
Previous Weekly High 0.6218
Previous Weekly Low 0.6069
Previous Monthly High 0.6219
Previous Monthly Low 0.6037
Daily Fibonacci 38.2% 0.6142
Daily Fibonacci 61.8% 0.6155
Daily Pivot Point S1 0.6109
Daily Pivot Point S2 0.6088
Daily Pivot Point S3 0.6054
Daily Pivot Point R1 0.6164
Daily Pivot Point R2 0.6198
Daily Pivot Point R3 0.6219

 

 

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