• 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

Overview
Today last price 0.5814
Today Daily Change -0.0038
Today Daily Change % -0.65%
Today daily open 0.5852
 
Trends
Daily SMA20 0.6056
Daily SMA50 0.6183
Daily SMA100 0.6259
Daily SMA200 0.6511
 
Levels
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

 

 

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