NZD/USD Price Analysis: Refreshes two-year low near 0.6250 inside monthly falling channel

NZD/USD takes offers to renew multi-day low, ignores Wednesday’s corrective pullback.
Bearish chart pattern hints at further downside but RSI signals limited room to the south.
Convergence of 10-DMA, channel’s resistance line restricts short-term rebound, if any.

Anil Panchal FXStreet

NZD/USD stands on slippery grounds during early Thursday morning in Europe, dropping to the fresh low since June 2020 while taking offers near 0.6255 by the press time.

In doing so, the Kiwi pair might have reacted to the latest risk-off mood, as well as the US dollar rebound, while staying inside a one-month-old descending trend channel.

Considering a no-stop road to the south and the latest sour sentiment, NZD/USD is likely to remain bearish, approaching the support line of the stated channel, near 0.6190 by the press time.

Though, the RSI conditions are oversold and may test the bears around the 0.6200 round figure.

Alternatively, the previous support line from August 2021, close to 0.6350, will act as immediate resistance.

However, buyers will wait for a clear break of the 0.6390 resistance confluence, encompassing the 10-DMA and the stated channel’s upper line, to regain short-term optimism.

NZD/USD: Daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.6261
Today Daily Change	-0.0035
Today Daily Change %	-0.56%
Today daily open	0.6296

Trends
Daily SMA20	0.6555
Daily SMA50	0.6751
Daily SMA100	0.674
Daily SMA200	0.6863

Levels
Previous Daily High	0.638
Previous Daily Low	0.6281
Previous Weekly High	0.6569
Previous Weekly Low	0.6393
Previous Monthly High	0.7035
Previous Monthly Low	0.6451
Daily Fibonacci 38.2%	0.6342
Daily Fibonacci 61.8%	0.6319
Daily Pivot Point S1	0.6258
Daily Pivot Point S2	0.622
Daily Pivot Point S3	0.6159
Daily Pivot Point R1	0.6357
Daily Pivot Point R2	0.6418
Daily Pivot Point R3	0.6456

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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