NZD/USD Price Analysis: Further downside towards 0.6030 appears imminent

NZD/USD remains on the back foot at the lowest levels in three weeks.
Kiwi bears stay hopeful amid Clear break of monthly support line, bearish MACD signals.
50% Fibonacci retracement appears nearby target for sellers.
Bulls need to refresh the monthly peak to retake control.

Anil Panchal FXStreet

NZD/USD holds onto the previous day’s bearish bias despite posting mild intraday gains around 0.6080 heading into Thursday’s European session.

In doing so, the Kiwi pair justifies the downside break of an ascending support line from May 31, now immediate resistance around 0.6140. Also adding strength to the downside bias are the bearish MACD signals and the quote’s sustained trading below the 21-day Exponential Moving Average (EMA), near 0.6145 at the latest.

With this, the NZD/USD bears are well-set to poke the 50% Fibonacci retracement level of its October-February upside, near 0.6030.

However, the monthly low and the 61.8% Fibonacci retracement, respectively near 0.5985 and 0.5900, could challenge the pair sellers afterward. It’s worth noting that the 0.6000 psychological magnet also acts as a downside filter.

Meanwhile, NZD/USD recovery remains elusive unless the quote crosses the 0.6140-45 resistance confluence comprising the 21-day EMA and the monthly support-turned-resistance line.

In a case where NZD/USD manages to cross the 0.6145 hurdle, the 200-day EMA and the monthly high, at 0.6220 and 0.6250 in that order, will be in the spotlight.

NZD/USD: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.6078
Today Daily Change	0.0002
Today Daily Change %	0.03%
Today daily open	0.6076

Trends
Daily SMA20	0.6138
Daily SMA50	0.6169
Daily SMA100	0.6199
Daily SMA200	0.6159

Levels
Previous Daily High	0.6173
Previous Daily Low	0.6068
Previous Weekly High	0.6237
Previous Weekly Low	0.6116
Previous Monthly High	0.6385
Previous Monthly Low	0.5985
Daily Fibonacci 38.2%	0.6108
Daily Fibonacci 61.8%	0.6133
Daily Pivot Point S1	0.6038
Daily Pivot Point S2	0.6001
Daily Pivot Point S3	0.5933
Daily Pivot Point R1	0.6143
Daily Pivot Point R2	0.6211
Daily Pivot Point R3	0.6248

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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