• NZD/USD takes offers to refresh multi-day low amid three-day downtrend.
  • Clear break of short-term triangle joins bearish MACD signal, sustained trading below key SMAs to favor sellers.
  • Nearly oversold RSI hints at limited downside room, bulls need validation from 0.6400 to retake control.

NZD/USD drops to fresh low in two weeks, to 0.6232, during early Wednesday morning in Europe. In doing so, the Kiwi pair not only reverses the early Asian session rebound but also declines for third consecutive day.

The quote’s bearish bias takes clues from the previous day’s downside break of a fortnight-long symmetrical triangle, as well as the downbeat MACD signals, not to forget sustained trading below the key SMAs.

That said, the quote’s latest weakness eyes the monthly low around 0.6200.

However, nearly oversold RSI may challenge the NZD/UDS pair’s weakness past 0.6200, which if happens could highlight the 61.8% Fibonacci Expansion (FE) of June 03-16 moves, near 0.6160.

Alternatively, recovery remains elusive below the aforementioned triangle’s support line, now resistance around 0.6280.

Following that, the triangle’s upper line and the 100-SMA, respectively near 0.6310 and 0.6325, could challenge the NZD/USD buyers.

It’s worth noting, though, that the pair’s upside momentum hinges on its ability to cross the 0.6400 hurdle comprising the 200-SMA and the 50% Fibonacci retracement level of the early June downtrend.

NZD/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 0.6236
Today Daily Change -0.0005
Today Daily Change % -0.08%
Today daily open 0.6241
 
Trends
Daily SMA20 0.6365
Daily SMA50 0.6427
Daily SMA100 0.662
Daily SMA200 0.6756
 
Levels
Previous Daily High 0.6314
Previous Daily Low 0.6237
Previous Weekly High 0.6365
Previous Weekly Low 0.6244
Previous Monthly High 0.6569
Previous Monthly Low 0.6217
Daily Fibonacci 38.2% 0.6266
Daily Fibonacci 61.8% 0.6285
Daily Pivot Point S1 0.6214
Daily Pivot Point S2 0.6187
Daily Pivot Point S3 0.6137
Daily Pivot Point R1 0.6291
Daily Pivot Point R2 0.6341
Daily Pivot Point R3 0.6368

 

 

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