NZD/USD Price Analysis: On its way to 200-day SMA

NZD/USD drops to the lowest since December 18, 2019.
38.2% Fibonacci retracement can offer intermediate support.
21-day SMA caps short-term upside.

Anil Panchal FXStreet

NZD/USD declines to the fresh multi-week low while flashing 0.6572 as the quote during early Monday. The pair failed to extend its latest recovery beyond 23.6% Fibonacci retracement of its October-December 2019 upside.

With this, prices are likely to keep the bears happy with 38.2% Fibonacci retracement level of 0.6545 acting as a buffer amid the fall towards a 200-day SMA level of 0.6512.

Should there be additional downpour past-0.6512, the November month top close to 0.6465 will return to the charts.

Alternatively, pair’s another attempt to cross 23.6% Fibonacci retracement level of 0.6625 can again defy the buyers unless 21-day SMA, at 0.6641 now, gets a break on the daily closing basis.

In doing so, the bulls can take aim at 0.6700 and December 31, 2019 high near 0.6755.

NZD/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.6576
Today Daily Change	-31 pips
Today Daily Change %	-0.47%
Today daily open	0.6607

Trends
Daily SMA20	0.6644
Daily SMA50	0.6576
Daily SMA100	0.6461
Daily SMA200	0.6512

Levels
Previous Daily High	0.663
Previous Daily Low	0.6598
Previous Weekly High	0.663
Previous Weekly Low	0.658
Previous Monthly High	0.6756
Previous Monthly Low	0.6424
Daily Fibonacci 38.2%	0.6618
Daily Fibonacci 61.8%	0.661
Daily Pivot Point S1	0.6593
Daily Pivot Point S2	0.658
Daily Pivot Point S3	0.6561
Daily Pivot Point R1	0.6625
Daily Pivot Point R2	0.6644
Daily Pivot Point R3	0.6657

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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