Search ForexCrunch
  • 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

  • The descending channel breakout seen in the chart indicates a  resumption of the rally from the Nov. 11 low of 0.6514.

Daily chart

  • 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