NZD/USD Price Analysis: Clings to gain as an evening star looms

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  • An inverted hammer in the NZD/USD daily chart, could pave the way for a formation of an evening star, a bearish chart pattern.
  • If sellers drag prices below the 200-DMA, that could pave the way toward 0.6000.
  • Otherwise, buyers keeping the exchange rate above 0.6100, and the pair could edge toward 0.6200 and beyond.

The NZD/USD registered slim gains on Wednesday after reaching a multi-month high of 0.6208 but retreated and closed at around the 0.6150ish area, forming an inverted hammer. Hence, if the pair slides below the November 29 swing low of 0.6126, that could form an evening star that could send the pair drifting lower.

The daily chart portrays the pair upwards, but price action on Wednesday keeps sellers hopeful of pushing the exchange rates lower to test the 200-day moving average (DMA) at 0.6089. That would form an evening star, with downside risks emerging below the latter, like the latest swing low seen at 0.5996, the November 22 low.

Conversely, if NZD/USD stays above 0.6100 and buyers reclaim 0.6200, that would put into play key resistance levels. Firstly, the July 31 daily high at 0.6225, followed by the July 27 swing high at 0.6273 shy of the 0.6300 mark.

NZD/USD Price Analysis – Daily Chart

NZD/USD Technical Levels

NZD/USD

Overview
Today last price 0.6156
Today Daily Change 0.0025
Today Daily Change % 0.41
Today daily open 0.6131
 
Trends
Daily SMA20 0.5984
Daily SMA50 0.5941
Daily SMA100 0.5992
Daily SMA200 0.609
 
Levels
Previous Daily High 0.6148
Previous Daily Low 0.6079
Previous Weekly High 0.6092
Previous Weekly Low 0.5978
Previous Monthly High 0.6056
Previous Monthly Low 0.5772
Daily Fibonacci 38.2% 0.6122
Daily Fibonacci 61.8% 0.6105
Daily Pivot Point S1 0.6091
Daily Pivot Point S2 0.605
Daily Pivot Point S3 0.6022
Daily Pivot Point R1 0.616
Daily Pivot Point R2 0.6188
Daily Pivot Point R3 0.6229

 

 

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