NZD/USD Price Analysis: Plunges to new YTD low as the downtrend continues

NZD/USD is on a downtrend, with a series of lower highs and lower lows and hit a YTD low of 0.5815.
For a bearish continuation, NZD/USD needs to break below 0.5815, with potential targets at 0.5800 and 0.5740.
In case of a reversal, the first resistance lies at 0.5900, followed by 0.5931 (50-DMA) and 0.6000.

Christian Borjon Valencia FXStreet

NZD/USD dropped to a new year-to-date (YTD) low of 0.5815, though towards the New York close, it recovered some ground, finishing Thursday’s session with losses of 0.11%. As the Asian session begins, the pair extends its losses to four straight days and exchanges hands at 0.5843, down 0.08%.

The currency pair is downward biased after reaching a new cycle low and printing a series of lower highs and lower lows after hitting a multi-month high in July at around 0.6384. For a bearish continuation, the NZD/USD would need to break below 0.5815 so sellers could challenge the 0.5800 figure, followed by last year’s November 22 swing low of 0.5740.

In the event of reversing its course and aiming higher, the NZD/USD first resistance is the 0.5900 mark. A decisive break, buyers could set their sight at the 50-DMA at 0.5931 before climbing toward the 0.600 figure. The next resistance would be the 200-DMA at 0.6149.

NZD/USD Price Action – Daily chart

NZD/USD Technical Levels

NZD/USD

Overview
Today last price	0.5843
Today Daily Change	-0.0013
Today Daily Change %	-0.22
Today daily open	0.5856

Trends
Daily SMA20	0.5949
Daily SMA50	0.5938
Daily SMA100	0.6053
Daily SMA200	0.6155

Levels
Previous Daily High	0.5921
Previous Daily Low	0.5851
Previous Weekly High	0.6056
Previous Weekly Low	0.5882
Previous Monthly High	0.605
Previous Monthly Low	0.5847
Daily Fibonacci 38.2%	0.5878
Daily Fibonacci 61.8%	0.5894
Daily Pivot Point S1	0.5831
Daily Pivot Point S2	0.5806
Daily Pivot Point S3	0.5761
Daily Pivot Point R1	0.5901
Daily Pivot Point R2	0.5946
Daily Pivot Point R3	0.5971

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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