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.

Anil Panchal FXStreet

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

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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