• NZD/USD pares intraday losses after downtick to refresh 13-month low.
  • Sustained trading below 15-week-old horizontal line, monthly descending resistance keeps sellers hopeful.
  • Downward sloping support line from March offers key support ahead of late 2020 lows.

NZD/USD licks its wounds around 0.6750, following a brief decline to refresh multi-day low during early Tuesday.

The oversold RSI conditions favor the latest corrective pullback. However, bearish MACD signals and the pair’s failures to cross the 0.6860-65 resistance confluence, including a horizontal line from late August and a descending trend line from November 09, challenge buyers.

Ahead of the key 0.6865 resistance, the 10-DMA level surrounding 0.6805 can probe the NZD/USD rebound. If at all the pair buyers manage to cross the 0.6865 hurdle, a run-up to the 0.6900 round figure and then to the mid-November swing high near 0.7080 can’t be ruled out.

On the contrary, the latest multi-month bottom of 0.6736 will precede a downward sloping trend line from March 25, around 0.6700, to challenge the NZD/USD sellers.

Should NZD/USD bears dominate past-0.6700, lows marked during November and October of 2020, respectively around 0.6590 and 0.6550 will be in focus.

NZD/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 0.6751
Today Daily Change -0.0003
Today Daily Change % -0.04%
Today daily open 0.6754
 
Trends
Daily SMA20 0.6927
Daily SMA50 0.7007
Daily SMA100 0.701
Daily SMA200 0.7068
 
Levels
Previous Daily High 0.6766
Previous Daily Low 0.6739
Previous Weekly High 0.6868
Previous Weekly Low 0.6741
Previous Monthly High 0.7199
Previous Monthly Low 0.6773
Daily Fibonacci 38.2% 0.6749
Daily Fibonacci 61.8% 0.6756
Daily Pivot Point S1 0.674
Daily Pivot Point S2 0.6726
Daily Pivot Point S3 0.6712
Daily Pivot Point R1 0.6767
Daily Pivot Point R2 0.678
Daily Pivot Point R3 0.6795

 

 

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