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Kiwi advance paused near 0.6000 handle

  • NZD/USD rebounded from 2020 lows as the spot is challenging the 0.6000 figure
  • The bullish correction could be limited as DXY is getting some traction. 

 

NZD/USD daily chart

 

 

After a rebound from the 2020 lows, NZD/USD is taking a breather at the start of the new week as the market is trading below the main daily simple moving averages (SMAs) suggesting an overall bearish bias. 

 

NZD/USD four-hour chart

 

 

Kiwi/Dollar is trading near 0.6000 figure and below the 20 SMA on the four chart. The bulls have lifted the market from the 2020 lows but it is not clear if the current bullish correction can be sustained any further as bears would likely try to regain the 0.5900 and 0.5800 figures in the coming sessions while 0.6080 and 0.6200 levels can act as resistances. 

 

 

Resistance: 0.6080, 0.6200 , 0.6300

Support: 0.6000, 0.5900, 0.5800 

 

 

 

Additional key levels

 

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