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NZD/USD Price Analysis: On its way to print inverse head-and-shoulders

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  • NZD/USD stays pressured near 0.6650 while keeping range from Tuesday’s US session.
  • A bullish chart formation is gradually gaining momentum but 0.6700 becomes the key.
  • 200-hour EMA acts as the near-term strong support.

NZD/USD weakens to 0.6655 amid the initial trading session on Wednesday. The quote recently dropped to the intraday low of 0.6646 on downbeat fundamentals from its largest customer Australia. Though, sustained trading beyond near-term key moving average and bullish MACD keeps the buyers hopeful to gain confirmation of a bullish pattern.

While a clear break of 0.6700 could give a free hand to the buyers targeting December 31, 2019 top near 0.6760, 0.6675 acts as an immediate upside barrier for the pair to cross.

It should, however, be noted that the quote’s further rise past-0.6760 will eye for July 2019 peak surrounding 0.6790 ahead of confronting the 0.6800 threshold.

On the contrary, a downside break of a 200-hour EMA level of 0.6630 will challenge July 24 bottom close to 0.6615 and then decline towards 0.6600 round-figure.

In a case where the bears keep the reins past-0.6600, the mid-month peak of 0.6585 and the monthly low close to 0.6440 could regain market attention.

NZD/USD hourly chart

NZD/USD Price Analysis: On its way to print inverse head-and-shoulders

Trend: Bullish

Additional important levels

Overview
Today last price 0.6657
Today Daily Change -3 pips
Today Daily Change % -0.05%
Today daily open 0.666
Trends
Daily SMA20 0.6578
Daily SMA50 0.6454
Daily SMA100 0.6225
Daily SMA200 0.6353
Levels
Previous Daily High 0.6703
Previous Daily Low 0.6633
Previous Weekly High 0.6691
Previous Weekly Low 0.6538
Previous Monthly High 0.6585
Previous Monthly Low 0.6186
Daily Fibonacci 38.2% 0.666
Daily Fibonacci 61.8% 0.6676
Daily Pivot Point S1 0.6628
Daily Pivot Point S2 0.6595
Daily Pivot Point S3 0.6558
Daily Pivot Point R1 0.6698
Daily Pivot Point R2 0.6735
Daily Pivot Point R3 0.6768

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