NZD/USD Price Analysis: Dips below key Fibonacci support

NZD/USD has breached Fibonacci support at 0.6317 amid losses in the US index futures.
The daily chart RSI is reporting oversold conditions.

Omkar Godbole FXStreet Contributor

The selling interest around New Zealand dollar remains strong amid risk-off action in the financial markets.

The NZD/USD pair fell below 0.6317 soon before press time. That level marks the 78.6% Fibonacci retracement of the rally from 0.6204 to 0.6733. The pair faced rejection near 0.6344 earlier today and is currently reporting a 0.32% loss on the day. Meanwhile, the futures on the S&P 500 are down more than 0.30% at press time.

While the 14-day relative strength index is reporting oversold conditions with a below-50 print, the price chart is showing no signs of seller exhaustion. Additionally, the 5- and 10-day averages are trending south.

The path of least resistance remains to the downside. Acceptance under support at 0.6317 would expose the Oct. 16 low of 0.6241. On the higher side, a move above the descending 10-day average at 0.6397 may cause sellers to rethink their bias.

Daily chart

Trend: Bearish

Technical levels

NZD/USD

Overview
Today last price	0.6315
Today Daily Change	-0.0021
Today Daily Change %	-0.33
Today daily open	0.6336

Trends
Daily SMA20	0.6456
Daily SMA50	0.6565
Daily SMA100	0.6484
Daily SMA200	0.6496

Levels
Previous Daily High	0.6396
Previous Daily Low	0.6324
Previous Weekly High	0.6488
Previous Weekly Low	0.6377
Previous Monthly High	0.6741
Previous Monthly Low	0.6453
Daily Fibonacci 38.2%	0.6352
Daily Fibonacci 61.8%	0.6368
Daily Pivot Point S1	0.6308
Daily Pivot Point S2	0.628
Daily Pivot Point S3	0.6236
Daily Pivot Point R1	0.638
Daily Pivot Point R2	0.6424
Daily Pivot Point R3	0.6452

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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