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Market News NZD/USD Price Analysis: Previous Resistance Line And EMA Convergence Drive Kiwi Bears Below 0.6200

NZD/USD Price Analysis: Previous Resistance Line And EMA Convergence Drive Kiwi Bears Below 0.6200

Lately, the NZD/USD pair struggles to prolong yesterday's reversal from a two-week high, and oscillates near the intraday low. Breakdown of the weekly support line and bearish MACD indicators favour Kiwi sellers. Two-month-old previous resistance line limits the immediate decline, and the convergence of the 50-EMA and 200-EMA appears to provide solid support. Recovery requires confirmation from 0.6250 to persuade bears.

TOP1 Markets Analyst

2023-07-06

9243

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During Thursday's mid-Asian session, the NZD/USD pair remains directionless near its intraday low near 0.6170. In doing so, the New Zealand dollar pair struggles to prolong yesterday's losses, the first in four days, while also reversing the pullback from the highest levels in two weeks.

The kiwi pair's previous losses may be attributable to a break below the one-week-old ascending trend line, which is now providing immediate resistance near 0.6200, as well as bearish MACD signals. The RSI (14) line's potential reversal from overbought territory could bolster the bearish outlook.

Notwithstanding, the NZD/USD pair's immediate downside is constrained by the resistance-turned-support level near 0.6165, which dates back to early May.

The Kiwi bears will find it difficult to overcome a convergence of the 50-bar and 200-bar Exponential Moving Averages (EMAs) around 0.6150 at the latest.

In the meantime, a corrective rebound above the immediate weekly resistance line, a former support level near 0.6200, could propel NZD/USD investors to challenge the weekly high near 0.6215.

Even so, the 61.8% Fibonacci retracement of the pair's May month decline and the previous monthly peak, located near 0.6235 and 0.6250, respectively, could challenge the NZD/USD investors prior to granting them control.