NZD/USD Price Analysis: Drops to 19-week low under 0.6300, all eyes on 0.6240/35

NZD/USD refreshes multi-week low amid broad weakness.
Failures to cross November 2019 lows during the recent pullback push the bears to target 0.6240/35 support confluence.
The early-month bottom, 61.8% Fibonacci retracement offer immediate resistances to watch.

Anil Panchal FXStreet

NZD/USD declines to 0.6282, down 0.48% with an intra-day low of 0.6281, during early Friday. The pair’s pullback moves on Thursday failed to cross November 2019 lows, which in turn highlights the strength of the bears.

As a result, the quote is likely extending its south-run towards a confluence of a downward sloping trend line since January 09 and October 16, 2019 low around 0.6240/35.

In a case where bears refrain to catch a breath around 0.6235, October 2019 low near 0.6200 will be on their radars.

Alternatively, a daily closing beyond November 52019 low of 0.6315 can push the prices towards February 11, 2020 low of 0.6377.

Though, the sellers are less likely to relinquish control unless breaking 61.8% Fibonacci retracement of October-December 2019 upside, near 0.6415.

NZD/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.6282
Today Daily Change	-30 pips
Today Daily Change %	-0.48%
Today daily open	0.6312

Trends
Daily SMA20	0.6402
Daily SMA50	0.6538
Daily SMA100	0.6485
Daily SMA200	0.6491

Levels
Previous Daily High	0.6335
Previous Daily Low	0.6283
Previous Weekly High	0.6449
Previous Weekly Low	0.6303
Previous Monthly High	0.6741
Previous Monthly Low	0.6453
Daily Fibonacci 38.2%	0.6315
Daily Fibonacci 61.8%	0.6303
Daily Pivot Point S1	0.6285
Daily Pivot Point S2	0.6258
Daily Pivot Point S3	0.6233
Daily Pivot Point R1	0.6337
Daily Pivot Point R2	0.6362
Daily Pivot Point R3	0.6389

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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