NZD/USD Price Analysis: Down more than 1.0%, 100-HMA guards immediate upside

NZD/USD remains on the back foot.
61.8% Fibonacci retracement, 200-HMA add to resistances.
The monthly bottom holds the key to further downside.

Anil Panchal FXStreet

NZD/USD declines 1.1% to 0.5650 by the press time of Japan open on Monday. The Kiwi pair might have taken clues from the recent surge in cases from New Zealand.

The pair currently declines towards the monthly low surrounding 0.5470 while 0.5600 can offer an intermediate halt.

During the pair’s further downside past-0.5470, 0.5400 and April 2003 low near 0.5330 will flash on the bears’ radars.

On the contrary, 100-HMA and 50% Fibonacci retracement of March 13-19 declines, around 0.5815/20 seems to limit the pair’s near-term upside.

In a case where the buyers manage to cross 0.5820, 61.8% Fibonacci retracement level of 0.5900 and 200-HMA near 0.6000 will return to the charts.

NZD/USD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.5639
Today Daily Change	-70 pips
Today Daily Change %	-1.23%
Today daily open	0.5709

Trends
Daily SMA20	0.616
Daily SMA50	0.6364
Daily SMA100	0.6446
Daily SMA200	0.6455

Levels
Previous Daily High	0.5882
Previous Daily Low	0.5608
Previous Weekly High	0.6151
Previous Weekly Low	0.547
Previous Monthly High	0.6504
Previous Monthly Low	0.6192
Daily Fibonacci 38.2%	0.5713
Daily Fibonacci 61.8%	0.5777
Daily Pivot Point S1	0.5584
Daily Pivot Point S2	0.5459
Daily Pivot Point S3	0.531
Daily Pivot Point R1	0.5858
Daily Pivot Point R2	0.6007
Daily Pivot Point R3	0.6132

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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