NZD/USD Technical Analysis: 0.6904 is the level to beat for the bulls

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The pullback from the NZD/USD pair from the recent high of 0.6969 has likely run out of steam. A break above 0.6904, however, is needed to put the bulls back into the driver’s seat.

Daily chart       

                       

  • As seen above, NZD/USD created a doji candle at the 200-day moving average (MA) support yesterday, signaling indecision in the marketplace.
  • A close above 0.6904 (Doji candle’s high) would signal another higher low has been made at 0.6840 and will likely be followed by a rally to 0.6969 (recent high).
  • The bullish crossover between the 50- and 100-day MA favors a break above 0.6904.

4-hour chart

  • Over on the 4-hour chart, the pair is struggling to capitalize on the falling wedge breakout. Moreover, a convincing move above 0.6904 (neckline of the inverse head-and-shoulders) is needed to confirm a bullish reversal.
  • The prospects of a rally to 0.6969 would weaken significantly if the pair closes today below 0.6840 (Doji candle’s low), implying a continuation of the sell-off from the recent high of 0.6969.

Trend: Bullish above 0.6904

NZD/USD

Overview:
    Today Last Price: 0.6881
    Today Daily change: 7.0 pips
    Today Daily change %: 0.102%
    Today Daily Open: 0.6874
Trends:
    Previous Daily SMA20: 0.6843
    Previous Daily SMA50: 0.668
    Previous Daily SMA100: 0.6668
    Previous Daily SMA200: 0.6856
Levels:
    Previous Daily High: 0.6905
    Previous Daily Low: 0.684
    Previous Weekly High: 0.697
    Previous Weekly Low: 0.6846
    Previous Monthly High: 0.6887
    Previous Monthly Low: 0.6514
    Previous Daily Fibonacci 38.2%: 0.688
    Previous Daily Fibonacci 61.8%: 0.6865
    Previous Daily Pivot Point S1: 0.6841
    Previous Daily Pivot Point S2: 0.6808
    Previous Daily Pivot Point S3: 0.6776
    Previous Daily Pivot Point R1: 0.6906
    Previous Daily Pivot Point R2: 0.6938
    Previous Daily Pivot Point R3: 0.6971

 

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