NZD/USD Price Analysis: Extends pullback from weekly hurdle towards 0.6800

NZD/USD takes offers to refresh intraday low, up for snapping five-week winning streak.
Descending RSI line, not oversold, joins clear U-turn from short-term key horizontal area to favor sellers.
Seven-day-old rising trend line, 200-HMA restricts immediate downside.

Anil Panchal FXStreet

NZD/USD renews intraday low around 0.6835, down 0.45% on a day heading into Friday’s European session.

In doing so, the Kiwi pair stretches the U-turn from a one-week-long horizontal resistance area around 0.6875. Also favoring the bearish bias is the downward sloping RSI line, not oversold.

However, an upward sloping support line from March 02, around 0.6825, followed by the 200-HMA level of 0.6815, restricts short-term NZD/USD downside.

In a case where the quote drops below 0.6815, the 0.6800 threshold will be in focus.

Alternatively, recovery moves remain elusive below the previously said horizontal resistance near 0.6875.

Should the NZD/USD prices rally beyond 0.6875, the 0.6900 round figure and the monthly high of 0.6926 may entertain the bulls.

Overall, the kiwi pair is up for further declines but there prevails a limited downside space for the bears to cheer.

NZD/USD: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.6836
Today Daily Change	-0.0030
Today Daily Change %	-0.44%
Today daily open	0.6866

Trends
Daily SMA20	0.6747
Daily SMA50	0.673
Daily SMA100	0.6831
Daily SMA200	0.6926

Levels
Previous Daily High	0.6875
Previous Daily Low	0.6811
Previous Weekly High	0.6873
Previous Weekly Low	0.6665
Previous Monthly High	0.681
Previous Monthly Low	0.6565
Daily Fibonacci 38.2%	0.6851
Daily Fibonacci 61.8%	0.6835
Daily Pivot Point S1	0.6826
Daily Pivot Point S2	0.6787
Daily Pivot Point S3	0.6762
Daily Pivot Point R1	0.689
Daily Pivot Point R2	0.6915
Daily Pivot Point R3	0.6954

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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