Market news
31.07.2023, 06:17

NZD/USD Price Analysis: Kiwi rebound needs acceptance from 0.6220 and NZ/US employment

  • NZD/USD takes the bids to refresh intraday high, prints the first daily gain in four.
  • Kiwi pair’s recovery from two-month-old support line needs validation from 200-EMA and NZ/US data.
  • Downbeat oscillators, two-week-old falling resistance line acts as additional upside filters.

NZD/USD snaps a three-day downtrend as it extends late Friday’s rebound from a two-month-old ascending support line towards 0.6200 heading into Monday’s European session. In doing so, the Kiwi pair cheers upbeat sentiment data at home, as well as China stimulus, while teasing the bulls as markets await July’s employment data for New Zealand (NZ) and the US.

However, the bearish MACD signals join the near 50.0 levels of the RSI (14) line and the 200-Exponential Moving Average (EMA) surrounding 0.6220 to challenge the NZD/USD bulls.

Even if the quote crosses the 0.6220 hurdle, a downward-sloping resistance line from July 14, close to 0.6240 at the latest, can act as the final defense of the NZD/USD buyers, a break of which could quickly propel the quote past the 0.6300 round figure. The same highlights an upward-sloping resistance line from early February, near 0.6380 by the press time.

On the flip side, a daily closing below the three-month-old rising support line, surrounding 0.6130 at the latest, could drag the price toward the lows marked in June and March, near 0.6050 and 0.6085.

Should the NZD/USD remains bearish past 0.6050, multiple levels around 0.6030 and the 0.6000 round figure will be crucial for the bears to watch.

Overall, the Kiwi pair buyers flex their muscles but the bears are still in the driver’s seat.

NZD/USD: Daily chart

Trend: Limited recovery expected

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location