NZD/USD Technical Analysis: Challenging former support-turned-resistance of H&S neckline
- The NZD/USD pair is now probing the former support-turned-resistance of 0.6787 – head-and-shoulders neckline.
- The bearish view put forward by the head-and-shoulders breakdown would be invalidated if the 4-hour candle closes above 0.6787.
- A bullish reversal would be confirmed if the pair violates a lower high setup with a move above 0.6880.
- Key averages have rolled over in favor of the bears. For instance, the 50-MA is trending south, having crossed the 100-MA from above earlier this week. Also, the 200-candle MA is now flatter, indicating the bullish momentum has run out of steam. NZD, therefore, may have a tough time scaling the lower high of 0.6880.
Today Last Price: 0.6787
Today Daily change: 9.0 pips
Today Daily change %: 0.133%
Today Daily Open: 0.6778
Previous Daily SMA20: 0.6847
Previous Daily SMA50: 0.6734
Previous Daily SMA100: 0.667
Previous Daily SMA200: 0.6838
Previous Daily High: 0.6816
Previous Daily Low: 0.6724
Previous Weekly High: 0.6912
Previous Weekly Low: 0.6778
Previous Monthly High: 0.6887
Previous Monthly Low: 0.6514
Previous Daily Fibonacci 38.2%: 0.6759
Previous Daily Fibonacci 61.8%: 0.6781
Previous Daily Pivot Point S1: 0.673
Previous Daily Pivot Point S2: 0.6681
Previous Daily Pivot Point S3: 0.6638
Previous Daily Pivot Point R1: 0.6822
Previous Daily Pivot Point R2: 0.6865
Previous Daily Pivot Point R3: 0.6914