NZD/USD Technical Analysis: Hits over 2-week tops, eyeing 0.6800 mark ahead of FOMC minutes
• The overnight retracement slide managed to find decent support near 100-hour SMA, with bulls pushing the pair further beyond mid-0.6700s to over two-week tops in the last hour.
• The positive momentum finally seems to have found acceptance above 50% Fibonacci retracement of the early Dec. to early Jan. downfall, supporting prospects for additional gains.
• Technical indicators on hourly/daily chart have been gaining traction within the bullish territory and further add credence to the near-term constructive outlook for the pair.
• Hence, a follow-through up-move, towards test 61.8% Fibonacci retracement level, near the 0.6800 handle, now looks a distinct possibility ahead of the FOMC meeting minutes.
NZD/USD 1-hourly chart
Today Last Price: 0.6774
Today Daily change: 50 pips
Today Daily change %: 0.744%
Today Daily Open: 0.6724
Previous Daily SMA20: 0.6752
Previous Daily SMA50: 0.6779
Previous Daily SMA100: 0.6679
Previous Daily SMA200: 0.6804
Previous Daily High: 0.6761
Previous Daily Low: 0.6707
Previous Weekly High: 0.6843
Previous Weekly Low: 0.6516
Previous Monthly High: 0.697
Previous Monthly Low: 0.6686
Previous Daily Fibonacci 38.2%: 0.6728
Previous Daily Fibonacci 61.8%: 0.674
Previous Daily Pivot Point S1: 0.67
Previous Daily Pivot Point S2: 0.6677
Previous Daily Pivot Point S3: 0.6646
Previous Daily Pivot Point R1: 0.6754
Previous Daily Pivot Point R2: 0.6784
Previous Daily Pivot Point R3: 0.6808