NZD/USD Price Analysis: Looking for a climb back into 0.5950
- NZD/USD looking for a gentle climb back into weekly P0 pivots after Friday's late-week bounce from S1.
- Technical resistance for hourly candles sitting at 200-hour SMA near 0.5970.
- Upside momentum constrained by bearish 50-hour SMA, downside potential for the week stretching into 0.5840.
The NZD/USD is catching a minor lift for Monday, testing into the 0.5930 region after the week's opening bids gapped higher into 0.5920 from Friday's closing price of 0.5889.
With the broader market seeing risk appetite moderately recover, the US Dollar (USD) is getting pushing slightly lower, giving the Kiwi (NZD) some much-needed breathing room after a sharp decline from last week's peak at 0.6056.
The 0.6000 major handle is now benched far above intraday price action, with the R1 weekly pivot sitting above near 0.6012.
Looking to the medium-term, daily candlesticks have the Kiwi dropping back below the 50-day Simple Moving Average (SMA), which is pushing downwards into 0.5950, and the previous swing low into 0.5870 remains firmly in play.
The NZD/USD has been trapped in a constraining pattern ever since tumbling into the 0.5900 region in August, down from July's peaks at 0.6413, and the 200-day SMA is rolling over into bearish momentum, pushing into 0.6150.
NZD/USD Hourly Chart
NZD/USD Daily Chart
NZD/USD Technical Levels