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    NZD/USD Price Analysis: Trades near 0.6170, advances towards a barrier at 38.2% Fibonacci

    Source Fxstreet
    Feb 20, 2024 10:32
    • NZD/USD could surpass the resistance level of 38.2% Fibonacci retracement at 0.6179.
    • A break above the 0.6200 could prompt the pair test 50.0% retracement level of 0.6223.
    • The pair could meet the support at the nine-day EMA at 0.6124
    • Technical analysis suggests a momentum shift towards an upward direction.

    NZD/USD continues to move on an upward trajectory for the fifth successive session on Tuesday as the US Dollar (USD) trims daily gains to extend its losses. The NZD/USD pair surges to near 0.6170 during the European trading hours.

    The NZD/USD pair could find immediate resistance around the 38.2% Fibonacci retracement at 0.6179 followed by the psychological resistance level of 0.6200. A firm break above this psychological barrier could exert upward support for the pair to explore the region around the 50.0% retracement level of 0.6223.

    The technical analysis of the NZD/USD pair suggests a momentum shift towards upward direction. The Moving Average Convergence Divergence (MACD) line is situated below the centerline but shows divergence above the signal line.

    Furthermore, the lagging indicator 14-day Relative Strength Index (RSI) lies above the 50 level, suggesting a bullish sentiment for the NZD/USD pair.

    On the downside, the NZD/USD pair could find immediate support at the major level of 0.6150. A break below the latter could put the downward pressure on the NZD/USD pair to test the nine-day Exponential Moving Average (EMA) at 0.6124 to approach the psychological level of 0.6100.

    NZD/USD: Daily Chart

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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