NZD/USD Price Analysis: Justifies Friday’s bearish Doji below 0.6350


  • NZD/USD prints mild losses around a two-week high, justifies the previous day’s bearish candlestick formation.
  • Previous support line from October, bearish MACD signals also keeps sellers hopeful.
  • 200-day EMA holds the key to Kiwi bear’s conviction.

NZD/USD holds lower ground near the intraday bottom of 0.6329 during the mid-Asian session on a sluggish Monday. The Kiwi pair’s latest inaction could be linked to the holidays in multiple markets, including New Zealand.

Even so, the quote prints mild losses while justifying the previous day’s bearish Doji candlestick. Also favoring the NZD/USD bears are the bearish MACD signals and the pair’s sustained trading below the previous support line from October 13, now resistance around 0.6400.

As a result, the Kiwi pair is likely to extend the latest weakness toward the 200-day Exponential Moving Average (EMA) support surrounding 0.6235.

During the fall, the 0.6300 round figure may act as an intermediate halt whereas the late November swing low around 0.6155 could challenge the NZD/USD bears afterward.

On the contrary, the Kiwi pair’s successful trading above 0.6400 support-turned-resistance could propel the quote toward the previous monthly high near 0.6515.

It’s worth noting that the NZD/USD pair’s sustained run-up beyond 0.6515 enables the bulls to aim for a June 2022 high of 0.6575.

Overall, NZD/USD is likely to extend the latest pullback but the downside room appears limited.

NZD/USD: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price 0.634
Today Daily Change -0.0008
Today Daily Change % -0.13%
Today daily open 0.6348
 
Trends
Daily SMA20 0.6346
Daily SMA50 0.616
Daily SMA100 0.604
Daily SMA200 0.6241
 
Levels
Previous Daily High 0.6373
Previous Daily Low 0.631
Previous Weekly High 0.6373
Previous Weekly Low 0.6253
Previous Monthly High 0.6514
Previous Monthly Low 0.623
Daily Fibonacci 38.2% 0.6334
Daily Fibonacci 61.8% 0.6349
Daily Pivot Point S1 0.6315
Daily Pivot Point S2 0.6281
Daily Pivot Point S3 0.6252
Daily Pivot Point R1 0.6377
Daily Pivot Point R2 0.6406
Daily Pivot Point R3 0.644

 

 

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