- NZD/USD pulls back from a five-month high.
- Bullish MACD, short-term rising trend channel favors the pair’s further upside.
- Multiple support trend lines since the month’s start will challenge sellers.
NZD/USD declines to 0.6630 amid the initial trading session on Tuesday. The pair takes a U-turn from the fresh five-month high flashed at the end of Monday’s US session.
Even so, a weekly rising trend channel keeps the buyers hopeful. In doing so, pair’s run-up beyond 0.6640 will push buyers towards early-June month high near 0.6680 whereas 0.6700 round-figure could lure the Bulls then after.
Meanwhile, pair’s declines below the channel’s support of 0.6613 can trigger fresh declines to the two-week-old ascending trendline, at 0.6580.
In a case where bears fail to respect the bullish signals from 12-bar Moving Average Convergence and Divergence (MACD), the monthly support line at 0.6560 will be the key to watch for sellers.
NZD/USD four-hour chart
|Today last price||0.663|
|Today Daily Change||-4 pips|
|Today Daily Change %||-0.06%|
|Today daily open||0.6634|
|Previous Daily High||0.664|
|Previous Daily Low||0.6597|
|Previous Weekly High||0.6616|
|Previous Weekly Low||0.6554|
|Previous Monthly High||0.6466|
|Previous Monthly Low||0.6321|
|Daily Fibonacci 38.2%||0.6624|
|Daily Fibonacci 61.8%||0.6614|
|Daily Pivot Point S1||0.6608|
|Daily Pivot Point S2||0.6581|
|Daily Pivot Point S3||0.6565|
|Daily Pivot Point R1||0.665|
|Daily Pivot Point R2||0.6666|
|Daily Pivot Point R3||0.6693|
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