NZD/USD Technical Analysis: 200-day MA is again capping upside

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  • 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

 

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