Note

NZD/USD Price Analysis: Bears challenge 23.6% Fibonacci retracement near 0.7240

· Views 21
  • NZD/USD consolidates in the early Asian session.
  • Pair retreats from the coveted 0.7300 mark on profit-taking.
  • MACD is in overbought zone, signals stretched buying conditions.

The NZD/USD pair books modest losses on Thursday, following the previous day’s remarkable move. The pair zoomed from the lows of 0.7725 to touch the multi-month high near 0.7320, accumulating 90-pip movement.

At the time of writing, the NZD/USD pair is trading at 0.7278, down 0.05% on the day.

NZD/USD daily chart

NZD/USD Price Analysis: Bears challenge 23.6% Fibonacci retracement near 0.7240

On the daily chart, the pair has been consolidating near the 0.7285 mark. The slight pullback from the recent highs could be considered as NZD/USD bull’s profit-taking. However, if price skids from the mentioned level, then the pullback could be extended further and reverse all prior gains.

The first area of support, in that case, would be the 23.6% Fibonacci retracement at 0.7240.

The Moving Average Convergence Divergence (MACD) indicator, trades in overbought territory with a bearish divergence. If MACD moves slightly lower, then it could trigger another round of selling pressure in the pair. 

In doing so, the NZD/USD bears would be willing to retest the 0.7200 horizontal resistance level followed by the 50% Fibonacci retracement level at 0.7160.

Additionally, if price remained grounded near the 0.7280 mark, then it could try to recoup the previous day's high in the vicinity of 0.7320 area. This would encourage bulls to march toward the 0.7350 horizontal resistance level.

Further, the pair could dare to meet the late February's high at 0.7384.

NZD/USD Additioanl Levels

NZD/USD

Overview
Today last price 0.7279
Today Daily Change 0.0051
Today Daily Change % 0.71
Today daily open 0.7228
Trends
Daily SMA20 0.7215
Daily SMA50 0.7142
Daily SMA100 0.7179
Daily SMA200 0.6993
Levels
Previous Daily High 0.7251
Previous Daily Low 0.7204
Previous Weekly High 0.7272
Previous Weekly Low 0.7151
Previous Monthly High 0.7287
Previous Monthly Low 0.6945
Daily Fibonacci 38.2% 0.7233
Daily Fibonacci 61.8% 0.7222
Daily Pivot Point S1 0.7204
Daily Pivot Point S2 0.7181
Daily Pivot Point S3 0.7157
Daily Pivot Point R1 0.7251
Daily Pivot Point R2 0.7275
Daily Pivot Point R3 0.7298

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

No comment on record. Start new comment.