NZD/USD Technical Analysis: Sellers aim for 0.6810/05 after breaking immediate supportline
|NZD/USD daily chart
- NZD/USD is trading near 0.6830 during early Wednesday.
- The quote reversed from seven-week-old descending resistanceline on Tuesday while its dip beneath immediate trend-line support validates further downside.
- In doing so 0.6810/05 area comprising March 13 low and March 08 high is likely immediate support, a break of which can magnify the weakness towards an upward sloping suppportline stretched since early-January at 0.6770.
- However 200-day simple moving average (SMA) at 0.6735, followed by five-month-old ascending trend-line at 0.6730, could limit further declines.
- Alternatively, sustained break of 0.6875 becomes prerequisite for pair to mark a recovery in a direction to 0.6905/10 resistance region.
- Also, the pair’s extended rise above 0.6910 enables it to aim for 0.6940, 0.6975 and 0.7000.
NZD/USD 4-Hour chart
- An intermediate ascending support-line at 0.6755 can try restricting pair’s slip below 0.6770 towards 0.6735.
- 0.6925 seems a small stop in between 0.6910 and 0.6940.
NZD/USD hourly chart
- 0.6790 could appear as a support after 0.6805 in a direction to 0.6770.
- Also, 0.6890 might entertain short-term buyers beyond 0.6875.
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.