NZD/USD Price Analysis: Prints mild losses below 0.6245-50 key resistance

NZD/USD fades bounce off three-month low, holds lower ground of late.
Bearish MACD signals join failure to cross the convergence of 100-SMA, one-month-old resistance line to lure sellers.
Fortnight-long horizontal support area restricts immediate downside ahead of February’s low.

Anil Panchal FXStreet

NZD/USD remains depressed around 0.6210 as it pares the previous week’s gains, the first in five, heading into Monday’s European session.

In doing so, the Kiwi pair portrays the bear’s dominance between the key trading area between the 0.6245-50 resistance confluence and 0.6200-6190 support zone.

That said, the bearish MACD signals join the pair’s failure to cross the 0.6245-50 resistance confluence, including the 100-bar Simple Moving Average (SMA) and a one-month-long descending resistance line, to keep sellers hopeful.

However, multiple levels marked since late February could challenge the NZD/USD pair’s immediate downside around 0.6200-6190.

Should the quote remains weak past 0.6190, the odds of witnessing a quick drop to the previous monthly low of 0.6131 can’t be ruled out. Though, July 2022 low of 0.6060 and the 0.6000 psychological magnet could restrict the pair’s further downside.

Alternatively, a successful break of the 0.6250 hurdle becomes necessary to direct the NZD/USD buyers toward the 200-SMA hurdle of 0.6335.

Following that, the mid-February high surrounding 0.6390 and the 0.6400 round figure could become important to watch for the bulls.

Overall, NZD/USD is likely to grind lower and advocates further volatility.

NZD/USD: Four-hour chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	0.6212
Today Daily Change	-0.0013
Today Daily Change %	-0.21%
Today daily open	0.6225

Trends
Daily SMA20	0.6259
Daily SMA50	0.6338
Daily SMA100	0.6217
Daily SMA200	0.6178

Levels
Previous Daily High	0.6242
Previous Daily Low	0.6192
Previous Weekly High	0.6277
Previous Weekly Low	0.6131
Previous Monthly High	0.6538
Previous Monthly Low	0.6131
Daily Fibonacci 38.2%	0.6223
Daily Fibonacci 61.8%	0.6211
Daily Pivot Point S1	0.6197
Daily Pivot Point S2	0.617
Daily Pivot Point S3	0.6147
Daily Pivot Point R1	0.6247
Daily Pivot Point R2	0.627
Daily Pivot Point R3	0.6297

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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