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NZD/USD Price Analysis: Struggles to sustain the recovery from the 0.6370 support converging

Daniel Rogers

Dec 13, 2022 15:03

 NZD:USD.png

 

NZD/USD is trading near 0.6390 in the early hours of Tuesday as Kiwi pair traders look for additional signs to prolong the current rebound from the significant support convergence. In doing so, the statement demonstrates the market's caution ahead of the United States' November inflation data, namely the Consumer Price Index (CPI) (CPI).

 

Although NZD/USD reversed a three-day gain the day before, bears were unable to breach the 50-bar Simple Moving Average (SMA) and a one-week-old ascending support line near 0.6370.

 

However, the pair's comeback conflicts with the negative MACD signals to challenge NZD/USD buyers. The downward-sloping resistance line from 5 December, which was approaching 0.6420 at press time, might also threaten the rising momentum of the New Zealand dollar pair.

 

If the NZD/USD maintains firmer than 0.6420, it is probable that the monthly high around 0.6475-80 will be retested.

 

In contrast, a decisive violation of the 0.6370 support confluence might fast send the price to the previous weekly low near the round number 0.6300.

 

However, at 0.6290 and 0.6280, the 100-day simple moving average (SMA) and 61.8% Fibonacci retracement level of the NZD/USD pair's gain from November 28 to December 1 could pose a challenge to bearish.


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