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NZD/USD Price Analysis: Once again fails to cross 21-day SMA

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  • NZD/USD eases from one-week high to attack the intraday low.
  • 50-day SMA, area comprising multiple levels since late-June on the sellers’ radar.
  • The monthly resistance line adds to the upside barriers.

Following its failures to rise past-0.6616, NZD/USD seesaws around 0.6600 during the early Wednesday. The kiwi pair earlier surged to the highest since August 11 but failed to cross 21-day SMA for the second time in the current month.

The pullback moves tack bearish MACD signals to suggest further weakness towards a 50-day SMA level of 0.6550. However, a horizontal area comprising June 23 high and multiple lows marked afterward, around 0.6535/20, could challenge the bears then after.

If at all the sellers manage to conquer 0.6520 level, the 0.6500 threshold may offer an intermediate halt during the quote’s anticipated slump to a 200-day SMA level of 0.6371.

Alternatively, a clear break above 0.6621 level comprising 21-day SMA will have to cross a downward sloping trend line from July 31 to convince buyers to attack the monthly top near 0.6690.

Furthermore, the July month top around 0.6715 and the yearly top close to 0.6740 hold the key to pair’s run-up towards December 2019 peak surrounding 0.6755.

NZD/USD daily chart

NZD/USD Price Analysis: Once again fails to cross 21-day SMA

Trend: Pullback expected

Additional important levels

Overview
Today last price 0.6603
Today Daily Change 2 pips
Today Daily Change % 0.03%
Today daily open 0.6601
Trends
Daily SMA20 0.6622
Daily SMA50 0.6549
Daily SMA100 0.6327
Daily SMA200 0.6371
Levels
Previous Daily High 0.661
Previous Daily Low 0.6534
Previous Weekly High 0.6628
Previous Weekly Low 0.6524
Previous Monthly High 0.6716
Previous Monthly Low 0.644
Daily Fibonacci 38.2% 0.6581
Daily Fibonacci 61.8% 0.6563
Daily Pivot Point S1 0.6553
Daily Pivot Point S2 0.6506
Daily Pivot Point S3 0.6477
Daily Pivot Point R1 0.6629
Daily Pivot Point R2 0.6658
Daily Pivot Point R3 0.6705

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NZD/USD ( NZDUSD ) is in (Y) wave down as ABC zigzag where A is in progress, so sell near 0.65412 0.65520 with stops above 0.65528 for next big down cycle.
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Jerome Powell's address at the Jackson Hole symposium could possibly have an impact on the pairing - depending on tones of his address, could either push it upwards or opposite as the USD will take the lead from his address. Let's await, shall we?
The kiwi pair has been trading sideways since the day’s start as fresh challenges to the risk confront the previous optimism backed by weaker US dollar and hopes of further economic help from America.

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