NZD/USD technical analysis: The recent recovery from multi-month lows falters near 200-hour EMA

   •  The pair traded with a mild positive bias for the second consecutive session on Friday and built on its steady recovery from the post-RBNZ slide to six-month lows.

   •  Bulls, however, failed to capitalize on the intraday momentum back above the 0.6600 handle and the pair started retreating from a resistance marked by 200-hour EMA.

Meanwhile, the pair now seems to have formed a firm base near 38.2% Fibonacci retracement level of the 0.6685-0.6526 recent downfall, which should now act as a key pivotal point for the pair’s near-term trajectory.

Technical indicators on the 1-hourly chart have been gaining some traction but are yet to catch up with the up-move on 4-hourly/daily charts and now seemed to be one of the key factors failing to inspire the bulls.

Hence, it would be prudent to wait for a convincing break through the mentioned barrier, currently near the 0.6610-15 region, and a subsequent move beyond 61.8% Fibo. resistance near the 0.6625 area before positioning for any further near-term recovery.

NZD/USD 1-hourly chart

NZD/USD technical analysis: The recent recovery from multi-month lows falters near 200-hour EMA

NZD/USD

Overview
Today last price0.6593
Today Daily Change0.0002
Today Daily Change %0.03
Today daily open0.6591
 
Trends
Daily SMA200.666
Daily SMA500.675
Daily SMA1000.6771
Daily SMA2000.6721
Levels
Previous Daily High0.6599
Previous Daily Low0.6569
Previous Weekly High0.6686
Previous Weekly Low0.6606
Previous Monthly High0.6838
Previous Monthly Low0.658
Daily Fibonacci 38.2%0.6588
Daily Fibonacci 61.8%0.658
Daily Pivot Point S10.6574
Daily Pivot Point S20.6556
Daily Pivot Point S30.6544
Daily Pivot Point R10.6604
Daily Pivot Point R20.6616
Daily Pivot Point R30.6634

 

 

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