NZD/USD Price Analysis: Off lows, 0.6645 is the level to beat for the bulls

NZD/USD needs to break above the trendline resistance at 0.6645 to invalidate bearish pressures.
A violation at 0.66 would imply a continuation of the recent sell-off.

Omkar Godbole FXStreet Contributor

NZD/USD is currently trading at 0.6626, representing marginal losses on the day, having hit a low of 0.6615 during the Asian trading hours.

Despite the minor bounce, the path of least resistance remains to the downside, as the resistance of the trendline falling from Dec. 31 high and Jan. 1 high is still intact.

At press time, that trendline resistance is located at 0.6645. A convincing move through that level would imply an end of the pullback from highs above 0.6750 and could bring in a break above 0.6654. That would mark an invalidation of lower highs setup on the hourly chart and confirm a bullish reversal.

On the downside, a violation of the recent low of 0.66 could yield additional losses to levels near 0.6650.

Hourly chart

Trend: Bearish

Technical levels

NZD/USD

Overview
Today last price	0.6626
Today Daily Change	-0.0007
Today Daily Change %	-0.11
Today daily open	0.6633

Trends
Daily SMA20	0.6652
Daily SMA50	0.6533
Daily SMA100	0.6437
Daily SMA200	0.6518

Levels
Previous Daily High	0.6654
Previous Daily Low	0.662
Previous Weekly High	0.6681
Previous Weekly Low	0.6599
Previous Monthly High	0.6756
Previous Monthly Low	0.6424
Daily Fibonacci 38.2%	0.6633
Daily Fibonacci 61.8%	0.6641
Daily Pivot Point S1	0.6617
Daily Pivot Point S2	0.6602
Daily Pivot Point S3	0.6583
Daily Pivot Point R1	0.6651
Daily Pivot Point R2	0.667
Daily Pivot Point R3	0.6685

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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