NZD/USD Technical Analysis: a modest recovery attempt stalls near 50-hour SMA
| • The pair snapped two-consecutive days of losing streak and staged a modest rebound from 2-1/2 week lows, albeit pauses near 50-period SMA on 1-hourly charts.
• Short-term technical indicators are yet to show any signs of a possible bullish reversal and hence, the current leg of up-move could be solely attributed to short-covering.
• A slide back towards challenging the 0.6900 handle remains a distinct possibility in case of even the slightest pickup in the US Dollar demand.
Spot Rate: 0.6945
Daily High: 0.6956
Daily Low: 0.6920
Trend: Bearish
Resistance
R1: 0.6957 (50-period SMA H1)
R2: 0.6974 (R1 daily pivot-point)
R3: 0.7000 (psychological round figure mark)
Support
S1: 0.6920 (current day low)
S2: 0.6901 (S2 daily pivot-point)
S3: 0.6883 (May 30 swing low)
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.