NZD/USD Price Analysis: Drops back towards 100-DMA support near 0.6320


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  • NZD/USD extends pullback from a four-month-old resistance line.
  • RSI’s retreat, softer MACD signals also keep sellers hopeful.
  • Monthly support line, 50-DMA can challenge bears below 100-DMA.

NZD/USD takes offers to refresh intraday low around 0.6350 as it extends the previous day’s pullback towards the 100-DMA during Tuesday’s Asian session.

In addition to the Kiwi pair’s U-turn from the downward sloping resistance line from late April, around 0.6455 by the press time, recently easing RSI (14) and receding bullish bias of the MACD also favor the latest south-run.

It’s worth noting, however, that the NZD/USD weakness past the 100-DMA support of 0.6320 appears difficult as an upward sloping support line from mid-July, near 0.6260, will precede the 50-DMA level of 0.6244 to challenge the bears.

If at all, the NZD/USD prices remain weak past 0.6244, May’s low around 0.6175 and multiple levels marked near the 0.6100 threshold please the sellers.

On the contrary, recovery remains elusive beneath the aforementioned resistance line, close to 0.6455 at the latest.

Even so, the monthly high near 0.6470 and a horizontal area including highs marked since May, surrounding 0.6570-75, will be crucial to watch for the NZD/USD bulls.

NZD/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 0.6349
Today Daily Change -0.0023
Today Daily Change % -0.36%
Today daily open 0.6372
 
Trends
Daily SMA20 0.6294
Daily SMA50 0.627
Daily SMA100 0.6436
Daily SMA200 0.6619
 
Levels
Previous Daily High 0.6457
Previous Daily Low 0.6355
Previous Weekly High 0.647
Previous Weekly Low 0.6228
Previous Monthly High 0.633
Previous Monthly Low 0.6061
Daily Fibonacci 38.2% 0.6394
Daily Fibonacci 61.8% 0.6418
Daily Pivot Point S1 0.6332
Daily Pivot Point S2 0.6293
Daily Pivot Point S3 0.623
Daily Pivot Point R1 0.6434
Daily Pivot Point R2 0.6497
Daily Pivot Point R3 0.6536

 

 

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