NZD/USD recovers some daily losses in the US session

NZD/USD Technical Analysis

The H4 Chart of the currency pair NZD/USD shows that the price is hovering right above the 50-EMA Exponential Moving Average level right now. The level 0.618694 is holding the pair right now from further decline. Any break below this level would extend the fall towards the next support level at 0.61660. From here, any downside breach would activate the next critical level, 0.61557, at the trendline. It means any break below the trendline will open an opportunity for a short position.

However, on the other hand, the upside potential first resistance stands at 0.62161. Any break above this level will pave the upside road till the next resistance level at 0.62523. From here, if prices keep on moving higher, the 0.62795 will act as critical resistance. Any break above this level will open a long-position opportunity in the market.

On the technical indicator front, the Moving Average Convergence and Divergence histograms are above the zero line, but they have started to fade a little. It indicates the buying trend might have come to an end. Furthermore, the Stochastic Oscillator’s %K line has already entered the oversold zone, and the %D line is also following it. It means that the price will soon enter the oversold zone, indicating some more negative momentum for a while before reversal.

Daily Technical Levels

Support	Resistance
0.6207	0.6256
0.6179	0.6277
0.6158	0.6305

Pivot Point: 0.6228