- NZD/USD takes offers to refresh multi-month low, prints four-day downtrend.
- Clear downside break of four-month-old descending trend line, 78.6% Fibonacci retracement favor sellers.
- Oversold RSI may trigger corrective bounce on the way to year 2020 bottom.
NZD/USD takes offers to refresh the 30-month low as it drops to 0.5810 during Thursday’s Asian session. In doing so, the Kiwi pair extends the previous day’s downside break of a four-month-old support line, as well as the 78.6% Fibonacci retracement of the 2020-21 upside.
With bearish MACD signals supporting the quote’s latest break of the previous key support, the prices are likely to decline towards the year 2020 low near 0.5470.
However, the oversold RSI (14) may offer intermediate halts during the south run.
In that case, the round figures near 0.5800 and 0.5500 may offer breathing spaces to the NZD/USD bears.
Alternatively, recovery remains elusive unless the quote stays below the 78.6% Fibonacci retracement level near the 0.5900 threshold.
Also likely to challenge the pair’s immediate rebound is the support-turned-resistance from May, around 0.5870.
Even if the NZD/USD prices rally beyond the 0.5900 mark, the 0.6000 psychological magnet and the monthly high near 0.6165 could challenge the quote’s further upside.
NZD/USD: Daily chart
Trend: Further downside expected
Additional important levels
|Today last price||0.5814|
|Today Daily Change||-0.0038|
|Today Daily Change %||-0.65%|
|Today daily open||0.5852|
|Previous Daily High||0.5913|
|Previous Daily Low||0.5842|
|Previous Weekly High||0.6162|
|Previous Weekly Low||0.594|
|Previous Monthly High||0.647|
|Previous Monthly Low||0.6101|
|Daily Fibonacci 38.2%||0.5869|
|Daily Fibonacci 61.8%||0.5886|
|Daily Pivot Point S1||0.5825|
|Daily Pivot Point S2||0.5798|
|Daily Pivot Point S3||0.5755|
|Daily Pivot Point R1||0.5896|
|Daily Pivot Point R2||0.5939|
|Daily Pivot Point R3||0.5966|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
EUR/USD drops toward 1.0700 after US jobs report
EUR/USD came under renewed bearish pressure in the second half of the day on Friday and declined toward 1.0700. Stronger-than-expected Nonfarm Payrolls (NFP) data helps the US Dollar gather strength ahead of the weekend and forces the pair to stay on the back foot.
GBP/USD extends slide below 1.2450 amid a stronger USD
GBP/USD dropped further and hit fresh daily lows below 1.2450 amid a stronger US dollar. The Greenback remains firm following the release of the US May jobs report. Despite losing almost 100 pips on Friday, GBP/USD is still on track for a weekly gain.
Gold falls below $1,960 as US yields rebound after US jobs data
Gold price turned south and declined below $1,960 on Friday. After the data from the US revealed that Nonfarm Payrolls rose 339,000 in May, the benchmark 10-year US Treasury bond yield gained more than 2% and recovered toward 3.7%, weighing heavily on XAU/USD.
China crypto community picks Ethereum, Arbitrum and BNB Chain as top protocols
Ethereum, Arbitrum and BNB Chain protocols are top picks for the Chinese crypto community, data from a report shows, a possible bullish catalyst for tokens related to these protocols as Hong Kong opens the door of crypto to retail investors.
LULU stock adds 15% on big Wall Street beat
Lululemon Athletica did it again. In something that has become quite predictable, LULU stock sailed 14.9% higher in Friday’s premarket to $377.20 after the prized athleisure brand posted a nearly 15% earnings beat for the first quarter.