NZD/USD Price Analysis: Renews yearly low under 0.6650, four-month-old support eyed


  • NZD/USD takes offers to refresh 14-month low during a six-day downtrend.
  • RSI conditions may test bears around the key support line.
  • December 2021 low, bearish MACD signals will challenge recovery moves.

NZD/USD stands on slippery grounds while declining to the fresh low since November 2020, down 0.35% intraday around 0.6630 amid early Thursday morning.

Given the quote’s sustained trading below the year 2021 low, coupled with the bearish MACD signals, NZD/USD prices are likely to remain weak.

However, oversold RSI conditions may challenge the pair sellers around a descending support line from late September, near 0.6610.

Should the quote keep declining below 0.6610, the 0.6600 round figure and lows marked during November 2020 around 0.6590 will probe the NZD/USD bears.

Meanwhile, an upside clear break of the 2021 low near 0.6700 will aim for a two-week-old resistance line near 0.6725.

It’s worth noting, however, that the NZD/USD bull’s dominance past 0.6725 will highlight a two-month-old resistance line near 0.6795-6800.

NZD/USD: Daily chart

Trend: Further weakness expected

NZD/USD

Overview
Today last price 0.6631
Today Daily Change -0.0021
Today Daily Change % -0.32
Today daily open 0.6652
 
Trends
Daily SMA20 0.6775
Daily SMA50 0.6803
Daily SMA100 0.693
Daily SMA200 0.7007
 
Levels
Previous Daily High 0.6702
Previous Daily Low 0.6638
Previous Weekly High 0.6827
Previous Weekly Low 0.6707
Previous Monthly High 0.6891
Previous Monthly Low 0.6701
Daily Fibonacci 38.2% 0.6663
Daily Fibonacci 61.8% 0.6678
Daily Pivot Point S1 0.6626
Daily Pivot Point S2 0.66
Daily Pivot Point S3 0.6562
Daily Pivot Point R1 0.669
Daily Pivot Point R2 0.6728
Daily Pivot Point R3 0.6754

 

 

Share: Feed news

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.

Recommended content


Recommended content

Editors’ Picks

EUR/USD consolidates weekly gains above 1.1150

EUR/USD consolidates weekly gains above 1.1150

EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.

EUR/USD News
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains

GBP/USD stabilizes near 1.3300, looks to post strong weekly gains

GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains. 

GBP/USD News
Gold extends rally to new record-high above $2,610

Gold extends rally to new record-high above $2,610

Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.

Gold News
Week ahead – SNB to cut again, RBA to stand pat, PCE inflation also on tap

Week ahead – SNB to cut again, RBA to stand pat, PCE inflation also on tap

SNB is expected to ease for third time; might cut by 50bps. RBA to hold rates but could turn less hawkish as CPI falls. After inaugural Fed cut, attention turns to PCE inflation.

Read more
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures