NZD/USD Price Analysis: Further downside needs 0.6980 break

NZD/USD grinds lower around five-week low, retreats of late.
Bearish candlestick, sustained trading below 200-DMA, 61.8% Fibo. favor sellers.
Three-month-old support line on seller’s radar amid bearish MACD signals.

Anil Panchal FXStreet

NZD/USD struggles to recovery as bears take a breather around monthly low, retreating to 0.6990 during early Wednesday.

The kiwi pair dropped the most in a week the previous day while justifying Monday’s bearish candlestick formation, as well as sustained trading below the key 200-DMA.

The declines broke 61.8% Fibonacci retracement (Fibo.) of September-October upside but a horizontal line from late August tests the NZD/USD pair of late.

However, bearish MACD signals keep sellers hopeful of conquering the 0.6980 immediate support, which in turn will direct the downtrend towards an ascending support line from August 20, near 0.6920.

Alternatively, corrective pullback needs a daily closing beyond the 61.8% Fibo. level of 0.7000 to direct the NZD/USD buyers towards the 50% Fibonacci retracement level of 0.7040.

Even so, the upside momentum remains challenged until crosses the 200-DMA surrounding 0.7095.

NZD/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.6993
Today Daily Change	0.0004
Today Daily Change %	0.06%
Today daily open	0.6989

Trends
Daily SMA20	0.7126
Daily SMA50	0.706
Daily SMA100	0.7027
Daily SMA200	0.7096

Levels
Previous Daily High	0.7067
Previous Daily Low	0.6985
Previous Weekly High	0.7178
Previous Weekly Low	0.6997
Previous Monthly High	0.7219
Previous Monthly Low	0.6876
Daily Fibonacci 38.2%	0.7016
Daily Fibonacci 61.8%	0.7036
Daily Pivot Point S1	0.696
Daily Pivot Point S2	0.6932
Daily Pivot Point S3	0.6878
Daily Pivot Point R1	0.7042
Daily Pivot Point R2	0.7096
Daily Pivot Point R3	0.7124

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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