NZD/USD Technical Analysis: love affair with the falling trendline continues
- The NZD/USD pair is probing the trendline falling from December highs for the third day straight. As of writing, the trendline resistance is located at 0.6786. Interestingly, the 100-period moving average (MA) on the 4-hour chart is also located at that level.
- The confluence of the trendline and key MA, if breached, would allow extension of the recovery rally from the recent low of 0.6586, although the head-and-shoulders neckline (former support) of 0.6801 could offer resistance.
- Moreover, forcing a convincing breakout is easier said than done for the bulls, as the averages are still biased bearish. The 50- and 100-candle MAs are trending south. Further, the stacking order of the 50-candle MA, below the 100-candle MA, below the 200-candle MA is a classic bear indicator.
4-hour chart
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Trend: Neutral
NZD/USD
Overview:
Today Last Price: 0.6783
Today Daily change: 3.0 pips
Today Daily change %: 0.0442%
Today Daily Open: 0.678
Trends:
Previous Daily SMA20: 0.6745
Previous Daily SMA50: 0.6787
Previous Daily SMA100: 0.6681
Previous Daily SMA200: 0.6799
Levels:
Previous Daily High: 0.6799
Previous Daily Low: 0.6771
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%: 0.6782
Previous Daily Fibonacci 61.8%: 0.6788
Previous Daily Pivot Point S1: 0.6768
Previous Daily Pivot Point S2: 0.6755
Previous Daily Pivot Point S3: 0.674
Previous Daily Pivot Point R1: 0.6796
Previous Daily Pivot Point R2: 0.6811
Previous Daily Pivot Point R3: 0.6824