NZD/USD technical analysis: will further decline continue?

FXOpen Broker Team FXOpen

The New Zealand struggled to break the 0.6890 and 0.6900 resistance levels against the US Dollar. The NZD/USD pair started a downside move and broke the 0.6860 support plus the 50 hourly simple moving average.

It even broke the 61.8% Fib retracement level of the recent wave from the 0.6814 low to 0.6887 high. However, the decline was protected by the 0.6830 support and later the pair bounced back above 0.6845 on FXOpen.

On the upside, there are many resistances near the 0.6860 level, the 50 hourly simple moving average and a bearish trend line with resistance at 0.6870 on the same chart.

Therefore, if the pair corrects higher, it is likely to face sellers near 0.6860 or 0.6870 in the near term. Above 0.6870, the pair could move into a positive zone. If it fails to move above 0.6870, there could be a fresh drop towards 0.6830 or 0.6820.

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FXOpen Broker Team

FXOpen

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