NZD/USD Price Analysis: Off monthly support above 0.6900 but bears not out of the woods


  • NZD/USD consolidates recent losses around yearly low, remains pressured though.
  • Bearish MACD, sustained trading below 200-DMA keeps sellers hopeful.
  • 61.8% Fibonacci Expansion on the bears’ radar, two-week-old resistance line guards immediate upside.

NZD/USD takes a U-turn from a one-month-old support line while picking up bids around 0.6910, down 0.07% intraday, amid early Tuesday. It should, however, be noted that a fortnight-old resistance line and bearish MACD signals keep favoring the sellers.

Hence, the latest corrective pullback should be considered less worrisome until staying below the short-term resistance line near 0.7015. Also, acting as an upside filter is 200-SMA surrounding 0.7050.

In a case where NZD/USD bulls cross the 0.7050 SMA hurdle, the monthly top close to 0.7105 may return to the charts.

Meanwhile, fresh declines will need to break the immediate support line near 0.6915 to aim for 61.8% Fibonacci Expansion (FE 61.8%) of the pair’s May-June declines, followed by a bounce until early July, close to 0.6860.

It’s worth mentioning that the NZD/USD bears’ dominance past 0.6860 won’t hesitate to challenge the September 2020 tops near 0.6800.

NZD/USD: Four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price 0.6939
Today Daily Change -0.0006
Today Daily Change % -0.09%
Today daily open 0.6945
 
Trends
Daily SMA20 0.7005
Daily SMA50 0.7111
Daily SMA100 0.7125
Daily SMA200 0.7079
 
Levels
Previous Daily High 0.7004
Previous Daily Low 0.6915
Previous Weekly High 0.7046
Previous Weekly Low 0.6917
Previous Monthly High 0.7289
Previous Monthly Low 0.6923
Daily Fibonacci 38.2% 0.6949
Daily Fibonacci 61.8% 0.697
Daily Pivot Point S1 0.6905
Daily Pivot Point S2 0.6865
Daily Pivot Point S3 0.6816
Daily Pivot Point R1 0.6995
Daily Pivot Point R2 0.7044
Daily Pivot Point R3 0.7084

 

 

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