- 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
|Today last price||0.7009|
|Today Daily Change||-0.0018|
|Today Daily Change %||-0.26%|
|Today daily open||0.7027|
|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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