- NZD/USD remains on the back foot after positing the heaviest daily fall in a week.
- Failures to cross the key DMA, resistance line favors sellers.
- 100-DMA restricts immediate downside, monthly high adds to the upside filters.
NZD/USD holds onto the previous day’s downbeat performance below 0.7100, down 0.12% intraday around 0.7090 during Wednesday’s Asian session.
In doing so, the kiwi pair justifies the monthly failures to cross a downward sloping trend line from February 25 as well as the recent downside break of the 200-DMA amid a descending RSI line.
Hence, the 100-DMA level of 0.7077 acts as imminent support ahead of directing the NZD/USD sellers towards the multiple support area surrounding 0.7050-45.
However, the quote’s weakness past 0.7045 makes it vulnerable to retest the 0.7000 threshold and aim for March’s low near 0.6945.
Alternatively, 200-DMA and the stated resistance line, respectively around 0.7120 and 0.7135, challenge short-term NZD/USD upside before the monthly top near 0.7171.
Should the kiwi pair buyers manage to keep controls past 0.7171, the 0.7200 round figure and 61.8% Fibonacci retracement of February-August downside near 0.7215 will be in focus.
NZD/USD: Daily chart
Trend: Further weakness expected
Additional important levels
|Today last price||0.7091|
|Today Daily Change||-0.0008|
|Today Daily Change %||-0.11%|
|Today daily open||0.7099|
|Previous Daily High||0.7151|
|Previous Daily Low||0.7081|
|Previous Weekly High||0.7162|
|Previous Weekly Low||0.7076|
|Previous Monthly High||0.7089|
|Previous Monthly Low||0.6805|
|Daily Fibonacci 38.2%||0.7108|
|Daily Fibonacci 61.8%||0.7125|
|Daily Pivot Point S1||0.7069|
|Daily Pivot Point S2||0.704|
|Daily Pivot Point S3||0.6999|
|Daily Pivot Point R1||0.714|
|Daily Pivot Point R2||0.7181|
|Daily Pivot Point R3||0.721|
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