NZD/USD Price Analysis: Drops further towards yearly low near 0.6800


  • NZD/USD prints six-day south-run to refresh the three-month low.
  • Clear break of 14-month-old support line directs bears to yearly low, September 2020 high.
  • Three-week-long resistance line resistance line adds to the upside filters.

NZD/USD remains pressured around 0.6825 after dropping to the lowest since late August during early Friday. That said, the Kiwi pair registers 0.50% intraday loss while printing the six-day downtrend.

Having conquered a 14-month-old support line, NZD/USD bears smashed 61.8% Fibonacci retracement (Fibo.) of September 2020 to February 2021 upside, which in turn suggests the quote’s further weakness towards the yearly bottom of 0.6805.

Though, oversold RSI conditions may trigger a corrective pullback from the 0.6805 threshold, if not then the September 2020 peak of 0.6800 will act as an extra filter before directing the quote towards 78.6% Fibo. near 0.6715.

Alternatively, 61.8% Fibonacci retracement level of 0.6875 and the previous support line near 0.6900 guards short-term NZD/USD upside.

Following that, a confluence of the 50% Fibo. and short-term descending trend line, as well as the mid-November’s swing high, respectively around 0.6990 and 0.7085, will lure the pair buyers.

Overall, NZD/USD bears keep reins but the 0.6805-6800 region appears a tough nut to crack for them.

NZD/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 0.6823
Today Daily Change -0.0034
Today Daily Change % -0.50%
Today daily open 0.6857
 
Trends
Daily SMA20 0.7049
Daily SMA50 0.7039
Daily SMA100 0.7023
Daily SMA200 0.7086
 
Levels
Previous Daily High 0.6894
Previous Daily Low 0.6839
Previous Weekly High 0.7082
Previous Weekly Low 0.698
Previous Monthly High 0.7219
Previous Monthly Low 0.6876
Daily Fibonacci 38.2% 0.686
Daily Fibonacci 61.8% 0.6873
Daily Pivot Point S1 0.6833
Daily Pivot Point S2 0.6808
Daily Pivot Point S3 0.6778
Daily Pivot Point R1 0.6888
Daily Pivot Point R2 0.6918
Daily Pivot Point R3 0.6943

 

 

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