NZD/USD Price Analysis: Runs into 5-day SMA hurdle, bias remains bearish

NZD/USD prints gain to test key SMA hurdle.
Daily chart shows a double top bearish reversal pattern.

Omkar Godbole FXStreet Contributor

NZD/USD is pushing against the 5-day simple moving average (SMA) hurdle at 0.6564, having picked up a bid 0.6541 early Monday.

The uptick could be associated with the gains in the US stock index futures and the dollar's broad-based moderate losses.

However, the bias remains bearish, with the pair trading well below 0.6601 – the double top neckline breached to the downside on Sept. 23.

Also, the 14-day relative strength index continues to report bearish conditions with a below-50 print. The 10-day and 50-day simple moving averages (SMAs) are about to produce a bearish crossover.

The support is located at 0.6507 (100-day SMA) and 0.6489 (Aug. 20 low), and resistances are seen at 0.6601 and 0.6638 (50-day SMA).

Daily chart

Trend: Bearish

Technical levels

NZD/USD

Overview
Today last price	0.656
Today Daily Change	0.0015
Today Daily Change %	0.23
Today daily open	0.6545

Trends
Daily SMA20	0.6682
Daily SMA50	0.664
Daily SMA100	0.6504
Daily SMA200	0.6393

Levels
Previous Daily High	0.6594
Previous Daily Low	0.6525
Previous Weekly High	0.6778
Previous Weekly Low	0.6511
Previous Monthly High	0.6764
Previous Monthly Low	0.6488
Daily Fibonacci 38.2%	0.6567
Daily Fibonacci 61.8%	0.6551
Daily Pivot Point S1	0.6515
Daily Pivot Point S2	0.6485
Daily Pivot Point S3	0.6446
Daily Pivot Point R1	0.6584
Daily Pivot Point R2	0.6623
Daily Pivot Point R3	0.6653

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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