Home NZD/USD Technical Analysis: Bulls await a move beyond 200-hour EMA, 38.2% Fibo. confluence hurdle
FXStreet News

NZD/USD Technical Analysis: Bulls await a move beyond 200-hour EMA, 38.2% Fibo. confluence hurdle

  • NZD/USD regains some positive traction on Monday.
  • The set-up warrants some caution for aggressive traders.

The NZD/USD pair once again showed some resilience below mid-0.6600s and caught some fresh bids on the first day of a new trading week.

The pair recovered a part of Friday’s slide to over one-week lows, albeit struggled to extend the positive momentum further beyond 200-hour EMA.

The mentioned hurdle coincides with 38.2% Fibonacci level of the 0.6554-0.6756 recent move up and should act as a key pivotal point for short-term traders.

Meanwhile, mixed technical indicators on hourly/daily charts haven’t been supportive of a firm direction and warrant some caution for aggressive traders.

Hence, it will be prudent to wait for some follow-through buying beyond the said confluence barrier, around the 0.6675-80 region before placing fresh bullish bets.

On the flip side, the 0.6650-45 area might continue to protect the immediate downside and is closely followed by 61.8% Fibo. support near the 0.6630 region.

Failure to defend the mentioned support levels might now turn the pair vulnerable to accelerate the slide further towards testing the 0.6600 round-figure mark.

NZD/USD 1-hourly chart

fxsoriginal

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.