NZD/USD Price Analysis: Bulls rejected by 200-day EMA


  • NZD/USD snaps two-day uptrend, takes offers around intraday low of late.
  • Failures to cross the key moving average direct the bears to two-month-old horizontal support.
  • Downbeat momentum will test sellers below the yellow bottom.

NZD/USD remains pressured near intraday low surrounding the 0.7000 threshold, down 0.26% on a day, amid early Wednesday. In doing so, the kiwi pair prints daily losses for the first time since Friday while taking a U-turn from the 200-day Exponential Moving Average (EMA).

The pair’s failure to cross the key EMA joins the descending Momentum line to suggest the quote’s further weakness.

However, a horizontal area comprising the yearly bottoms between 0.6945 and 0.6935 becomes crucial support to watch during the pair’s further declines.

If at all the NZD/USD bears dominate past 0.6935, the 0.6900 round figure may offer an intermediate halt before dragging the quote to September 2020 tops near 0.6800.

On the contrary, a clear upside break of 200-day EMA, around 0.7030, will aim for a downward sloping trend line from May 26, close to 0.7140.

Though the early April highs and a seven-week-old horizontal line, respectively around 0.7070 and 0.7120, could entertain the NZD/USD buyers during recovery moves above 200-day EMA.

NZD/USD daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 0.7009
Today Daily Change -0.0018
Today Daily Change % -0.26%
Today daily open 0.7027
 
Trends
Daily SMA20 0.7159
Daily SMA50 0.7186
Daily SMA100 0.7173
Daily SMA200 0.7043
 
Levels
Previous Daily High 0.7037
Previous Daily Low 0.6963
Previous Weekly High 0.7161
Previous Weekly Low 0.6923
Previous Monthly High 0.7317
Previous Monthly Low 0.7115
Daily Fibonacci 38.2% 0.7009
Daily Fibonacci 61.8% 0.6991
Daily Pivot Point S1 0.6981
Daily Pivot Point S2 0.6935
Daily Pivot Point S3 0.6907
Daily Pivot Point R1 0.7055
Daily Pivot Point R2 0.7083
Daily Pivot Point R3 0.7129

 

 

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