NZD/USD Technical Analysis: 0.6904 is the level to beat for the bulls
The pullback from the NZD/USD pair from the recent high of 0.6969 has likely run out of steam. A break above 0.6904, however, is needed to put the bulls back into the driver's seat.
- As seen above, NZD/USD created a doji candle at the 200-day moving average (MA) support yesterday, signaling indecision in the marketplace.
- A close above 0.6904 (Doji candle's high) would signal another higher low has been made at 0.6840 and will likely be followed by a rally to 0.6969 (recent high).
- The bullish crossover between the 50- and 100-day MA favors a break above 0.6904.
- Over on the 4-hour chart, the pair is struggling to capitalize on the falling wedge breakout. Moreover, a convincing move above 0.6904 (neckline of the inverse head-and-shoulders) is needed to confirm a bullish reversal.
- The prospects of a rally to 0.6969 would weaken significantly if the pair closes today below 0.6840 (Doji candle's low), implying a continuation of the sell-off from the recent high of 0.6969.
Trend: Bullish above 0.6904
Today Last Price: 0.6881
Today Daily change: 7.0 pips
Today Daily change %: 0.102%
Today Daily Open: 0.6874
Previous Daily SMA20: 0.6843
Previous Daily SMA50: 0.668
Previous Daily SMA100: 0.6668
Previous Daily SMA200: 0.6856
Previous Daily High: 0.6905
Previous Daily Low: 0.684
Previous Weekly High: 0.697
Previous Weekly Low: 0.6846
Previous Monthly High: 0.6887
Previous Monthly Low: 0.6514
Previous Daily Fibonacci 38.2%: 0.688
Previous Daily Fibonacci 61.8%: 0.6865
Previous Daily Pivot Point S1: 0.6841
Previous Daily Pivot Point S2: 0.6808
Previous Daily Pivot Point S3: 0.6776
Previous Daily Pivot Point R1: 0.6906
Previous Daily Pivot Point R2: 0.6938
Previous Daily Pivot Point R3: 0.6971