NZD/USD Price Analysis: On the back foot inside immediate trading range
|- NZD/USD nears the weekly low.
- A descending trend line from February 12 adds strength to the range’s resistance.
- Lows marked during October 2019 will gain traders’ attention during the further downside.
Despite carrying Tuesday’s weakness forward, NZD/USD stays inside a three-day-old trading range while trading around 0.6315, down 0.10%, during the early Wednesday.
The pair is near to the support of the said trading range, around 0.6300, a break of which could divert the bears towards October 16, 2019 low near 0.6240.
If at all the sellers keep ignoring weak RSI conditions below 0.6240, October 2019 bottom close to 0.6200 will return to the chart.
Alternatively, 0.6335 can offer an intermediate halt, during the pair’s bounce, ahead of highlighting the 0.6360 resistance confluence that includes the range-resistance and a bit longer falling trend line.
It should, however, be noted that the pair’s ability to cross 0.6360 enables it to challenge February 19 high surrounding 0.6410.
NZD/USD four-hour chart
Trend: Bearish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.