NZD/USD Price Analysis: Drops to 19-week low under 0.6300, all eyes on 0.6240/35
|- NZD/USD refreshes multi-week low amid broad weakness.
- Failures to cross November 2019 lows during the recent pullback push the bears to target 0.6240/35 support confluence.
- The early-month bottom, 61.8% Fibonacci retracement offer immediate resistances to watch.
NZD/USD declines to 0.6282, down 0.48% with an intra-day low of 0.6281, during early Friday. The pair’s pullback moves on Thursday failed to cross November 2019 lows, which in turn highlights the strength of the bears.
As a result, the quote is likely extending its south-run towards a confluence of a downward sloping trend line since January 09 and October 16, 2019 low around 0.6240/35.
In a case where bears refrain to catch a breath around 0.6235, October 2019 low near 0.6200 will be on their radars.
Alternatively, a daily closing beyond November 52019 low of 0.6315 can push the prices towards February 11, 2020 low of 0.6377.
Though, the sellers are less likely to relinquish control unless breaking 61.8% Fibonacci retracement of October-December 2019 upside, near 0.6415.
NZD/USD daily chart
Trend: Bearish
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