NZD/USD Price Analysis: MACD signals further downside below 0.6600

NZD/USD bounces off intraday low, actually one week bottom, of 0.6575.
Sustained trading below the key Fibonacci retracement level joins bearish MACD signals to favor sellers.
Seven-week-old ascending trend line lures the bears, 0.6655/60 becomes the key upside hurdle.

Anil Panchal FXStreet

NZD/USD retraces from a weekly trough towards regaining the 0.6600 threshold during early Wednesday. The pair marked heaviest losses in over two weeks after confirming the multi-top breakdown the previous day.

Also suggesting the quote’s further downside is the bearish MACD signals and a sustained break below 61.8% Fibonacci retracement of August-September upside.

As a result, sellers are currently directed towards the August 24 top near 0.6565 ahead of an ascending trend line from August 20, at 0.6518 now.

Additionally, the 0.6500 round-figure and the August month’s low of 0.6488 can lure the NZD/USD bears if the prices remain soft under the 0.6518.

Alternatively, the 61.8% Fibonacci retracement level of 0.6606 and the horizontal resistance, previous support, around 0.6615, can tame the pair’s short-term advances.

Though, buyers will have to remain cautious unless breaking 0.6655/60 resistance confluence including 200-bar SMA and multiple tops marked since October’s start.

NZD/USD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.6588
Today Daily Change	1 pips
Today Daily Change %	0.02%
Today daily open	0.6587

Trends
Daily SMA20	0.6644
Daily SMA50	0.6635
Daily SMA100	0.6544
Daily SMA200	0.6391

Levels
Previous Daily High	0.6658
Previous Daily Low	0.6584
Previous Weekly High	0.6658
Previous Weekly Low	0.6539
Previous Monthly High	0.6799
Previous Monthly Low	0.6511
Daily Fibonacci 38.2%	0.6612
Daily Fibonacci 61.8%	0.663
Daily Pivot Point S1	0.6561
Daily Pivot Point S2	0.6535
Daily Pivot Point S3	0.6487
Daily Pivot Point R1	0.6636
Daily Pivot Point R2	0.6684
Daily Pivot Point R3	0.671

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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