NZD/USD Price Analysis: Mildly offered below 200-DMA, multi-day-old resistance line


  • 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

Overview
Today last price 0.7091
Today Daily Change -0.0008
Today Daily Change % -0.11%
Today daily open 0.7099
 
Trends
Daily SMA20 0.7024
Daily SMA50 0.7003
Daily SMA100 0.7079
Daily SMA200 0.7117
 
Levels
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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