NZD/USD Price Analysis: Corrective pullback remains elusive below 0.6530

NZD/USD rebounds from two-year low, snaps six-day downtrend.
Oversold RSI favors the recovery moves targeting January’s low.
Three-week-old resistance line adds to the upside filters, bears aim for descending support line from August 2021.

Anil Panchal FXStreet

NZD/USD retreats from intraday high as it flashes 0.6500 the figure during Friday’s Asian session. Even so, the kiwi pair prints the first daily gains, up 0.20% by the press time, in six days while bouncing off the lowest levels since June 2020.

Although the oversold RSI conditions seem to have triggered the latest rebound, the quote remains below the previous low of 2022, marked in January, which in turn keeps the sellers hopeful.

In addition to the 0.6530 hurdle, a downward sloping trend line from April 05 also challenges the NZD/USD buyers, around 0.6700 at the latest.

Meanwhile, a fresh downside will initially aim for the latest low surrounding 0.6450 ahead of the 0.6400 threshold.

Should NZD/USD bears keep reins past 0.6400, lows marked during June 2020, around 0.6380, as well as an eight-month-old support line near 0.6370, will be on their radar.

Overall, NZD/USD remains on the seller’s radar despite the latest recovery moves.

NZD/USD: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.6505
Today Daily Change	0.0015
Today Daily Change %	0.23%
Today daily open	0.649

Trends
Daily SMA20	0.6772
Daily SMA50	0.6812
Daily SMA100	0.6772
Daily SMA200	0.6889

Levels
Previous Daily High	0.6551
Previous Daily Low	0.6452
Previous Weekly High	0.6814
Previous Weekly Low	0.6625
Previous Monthly High	0.6999
Previous Monthly Low	0.6728
Daily Fibonacci 38.2%	0.649
Daily Fibonacci 61.8%	0.6513
Daily Pivot Point S1	0.6444
Daily Pivot Point S2	0.6399
Daily Pivot Point S3	0.6345
Daily Pivot Point R1	0.6543
Daily Pivot Point R2	0.6597
Daily Pivot Point R3	0.6642

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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