- Powell’s dovish comments and the resulting USD sell-off pushed the NZD/USD pair above the falling channel hurdle yesterday. The bull breakout indicates the path of least resistance is to the higher side. The 200-day moving average (MA) hurdle, however, is putting brakes on the rally for the second time in two weeks.
4-hour chart
-636790639117694025.png)
- The descending channel breakout seen in the chart indicates a resumption of the rally from the Nov. 11 low of 0.6514.
Daily chart
-636790640958064094.png)
- As seen above, the pair is struggling to muster enough momentum to convincingly beat the 200-day moving average resistance of 0.6866. A daily close above that level would only bolster the already bullish technical setup, as represented by the falling channel breakout on the 4-hour chart, higher highs and higher lows, and the ascending 20-day MA.
- The bullish setup would be invalidated if the pair closes below the 20-day MA.
Trend: Bullish
NZD/USD
Overview:
Today Last Price: 0.686
Today Daily change: -13 pips
Today Daily change %: -0.189%
Today Daily Open: 0.6873
Trends:
Previous Daily SMA20: 0.677
Previous Daily SMA50: 0.6642
Previous Daily SMA100: 0.6659
Previous Daily SMA200: 0.6872
Levels:
Previous Daily High: 0.6887
Previous Daily Low: 0.6774
Previous Weekly High: 0.6876
Previous Weekly Low: 0.6767
Previous Monthly High: 0.663
Previous Monthly Low: 0.6424
Previous Daily Fibonacci 38.2%: 0.6844
Previous Daily Fibonacci 61.8%: 0.6818
Previous Daily Pivot Point S1: 0.6803
Previous Daily Pivot Point S2: 0.6732
Previous Daily Pivot Point S3: 0.669
Previous Daily Pivot Point R1: 0.6916
Previous Daily Pivot Point R2: 0.6958
Previous Daily Pivot Point R3: 0.7028
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