NZD/USD Price Analysis: On the back foot inside immediate trading range

NZD/USD nears the weekly low.
A descending trend line from February 12 adds strength to the range’s resistance.
Lows marked during October 2019 will gain traders’ attention during the further downside.

Anil Panchal FXStreet

Despite carrying Tuesday’s weakness forward, NZD/USD stays inside a three-day-old trading range while trading around 0.6315, down 0.10%, during the early Wednesday.

The pair is near to the support of the said trading range, around 0.6300, a break of which could divert the bears towards October 16, 2019 low near 0.6240.

If at all the sellers keep ignoring weak RSI conditions below 0.6240, October 2019 bottom close to 0.6200 will return to the chart.

Alternatively, 0.6335 can offer an intermediate halt, during the pair’s bounce, ahead of highlighting the 0.6360 resistance confluence that includes the range-resistance and a bit longer falling trend line.

It should, however, be noted that the pair’s ability to cross 0.6360 enables it to challenge February 19 high surrounding 0.6410.

NZD/USD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.6315
Today Daily Change	-8 pips
Today Daily Change %	-0.13%
Today daily open	0.6323

Trends
Daily SMA20	0.6422
Daily SMA50	0.655
Daily SMA100	0.6485
Daily SMA200	0.6493

Levels
Previous Daily High	0.6359
Previous Daily Low	0.631
Previous Weekly High	0.6449
Previous Weekly Low	0.6303
Previous Monthly High	0.6741
Previous Monthly Low	0.6453
Daily Fibonacci 38.2%	0.6329
Daily Fibonacci 61.8%	0.634
Daily Pivot Point S1	0.6302
Daily Pivot Point S2	0.6282
Daily Pivot Point S3	0.6254
Daily Pivot Point R1	0.6351
Daily Pivot Point R2	0.6379
Daily Pivot Point R3	0.64

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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