NZD/USD Price Analysis: Buyers will look for entry beyond 0.6485/90


  • NZD/USD stays on the back foot around the two-day low.
  • The pair’s break of 23.6% Fibonacci retracement amid normal RSI conditions favor odds of further declines.
  • 100-bar SMA, monthly descending trend line and 38.2% Fibonacci retracement question the bulls.

NZD/USD declines to 0.6440 during the early Asian session on Friday. The pair recently slipped below 23.6% Fibonacci retracement of January 16 to February 11 declines.

With the RSI also in the normal territory between 70 and 30, the quote is likely to extend the present declines towards multiple supports around 0.6420 and then to the monthly low around 0.6380.

If at all the bears keep dominating past-0.6380, November 2019 low near 0.6315 will return to the charts.

On the upside, 100-bar SMA, 38.2% Fibonacci retracement and a downward sloping trend line from January 30 together portray 0.6485/90 as the key resistance area.

Should prices cross the same, an inverse head-and-shoulders chart formation will be confirmed, which in turn will offer the pair’s rise towards 0.6600 round-figure.

However, the 61.8% Fibonacci retracement level of 0.6555 could question the bulls in the meantime.

NZD/USD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price 0.6439
Today Daily Change -3 pips
Today Daily Change % -0.05%
Today daily open 0.6442
 
Trends
Daily SMA20 0.6508
Daily SMA50 0.6582
Daily SMA100 0.6478
Daily SMA200 0.6501
 
Levels
Previous Daily High 0.647
Previous Daily Low 0.6428
Previous Weekly High 0.6504
Previous Weekly Low 0.6397
Previous Monthly High 0.6741
Previous Monthly Low 0.6453
Daily Fibonacci 38.2% 0.6444
Daily Fibonacci 61.8% 0.6454
Daily Pivot Point S1 0.6423
Daily Pivot Point S2 0.6404
Daily Pivot Point S3 0.638
Daily Pivot Point R1 0.6465
Daily Pivot Point R2 0.6489
Daily Pivot Point R3 0.6508

 

 

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