NZD/USD Price Analysis: Revisits former support-turned-hurdle at 0.6650

NZD/USD has recovered to former support-turned-hurdle at 0.6650.
A rejection at that level could yield a deeper pullback.

Omkar Godbole FXStreet Contributor

NZD/USD is currently trading around 0.6650 - the neckline support of the double top pattern breached on Thursday - having found bids near 0.6625 during the overnight trade.

A failure to keep gains above 0.6650 would reinforce the bearish breakdown and could yield a drop to 0.66. That possibility cannot be ruled out as the long upper wicks attached to the previous two daily candles suggest uptrend exhaustion. In addition, the descending trendline on the hourly chart RSI is indicating a bearish divergence.

However, if that bearish trendline on the RSI is breached, stronger buying pressure would emerge, possibly yielding a break above 0.67.

Hourly chart

Trend: Bearish below 0.6650

Technical levels

NZD/USD

Overview
Today last price	0.6649
Today Daily Change	0.0015
Today Daily Change %	0.23
Today daily open	0.6634

Trends
Daily SMA20	0.6544
Daily SMA50	0.6415
Daily SMA100	0.6215
Daily SMA200	0.6349

Levels
Previous Daily High	0.6691
Previous Daily Low	0.6626
Previous Weekly High	0.6594
Previous Weekly Low	0.6502
Previous Monthly High	0.6585
Previous Monthly Low	0.6186
Daily Fibonacci 38.2%	0.6651
Daily Fibonacci 61.8%	0.6666
Daily Pivot Point S1	0.6609
Daily Pivot Point S2	0.6585
Daily Pivot Point S3	0.6544
Daily Pivot Point R1	0.6675
Daily Pivot Point R2	0.6716
Daily Pivot Point R3	0.674

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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