- 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
|Today last price||0.6751|
|Today Daily Change||-0.0003|
|Today Daily Change %||-0.04%|
|Today daily open||0.6754|
|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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