NZD/USD technical analysis: 21-HMA, 10-day long resistance-line limit latest recovery
|- Near-term strong resistances question recent pullback.
- Current year low acts as strong downside support.
The NZD/USD pair is yet to cross near-term important resistances in order to justify the latest recovery as it trades near 0.6510 during early Monday.
A 21-hour moving average (21-HMA) can be considered as the closest resistance at 0.6510, a break of which can further escalate the pullback towards 10-day long descending trend-line at 0.6545.
Though, pair’s successful break of 0.6545 enables it to challenge 0.6580 and 0.6600 during further upside.
Meanwhile, 0.6500 and May month low around 0.6480 can limit the pair’s near-term declines.
Should there be additional weakness past-0.6480, October 2018 bottom around 0.6460 and the year 2018 low near 0.6425/30 can please sellers.
NZD/USD hourly 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.