NZD/USD Price Analysis: Sellers attack 50-HMA inside bearish flag


  • NZD/USD reverses Monday’s recovery moves with mild losses.
  • Strong Momentum line may tease bears but bulls will refrain to enter below 100-HMA.

NZD/USD bounces off an intraday low of 0.6970 while licking its wounds, down 0.13% on the day, amid early Tuesday.

The kiwi pair’s recovery from a seven-month low failed to cross the 0.7000 threshold, which in turn portrays a bearish chart pattern on the hourly (1H) play.

It should, however, be noted that the 50-HMA level teases the sellers amid an upbeat Momentum line, around 0.6970, near to the confirmation of the bearish flag.

While the buyers are likely to print on-and-off moves around 0.6970, the sellers’ ability to conquer the key support will make the pair vulnerable to decline towards the September 2020 tops surrounding the 0.6800 theshold. During the fall, the recent low of around 0.6920 may act as a buffer.

Alternatively, the corrective pullback may remain below the flag’s resistance line, near 0.7012, while the 0.7000 psychological magnet can offer immediate resistance. Also acting as the upside filter is 100-HMA level of 0.7025.

NZD/USD hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 0.6977
Today Daily Change -0.0010
Today Daily Change % -0.14%
Today daily open 0.6987
 
Trends
Daily SMA20 0.7169
Daily SMA50 0.7187
Daily SMA100 0.7174
Daily SMA200 0.7041
 
Levels
Previous Daily High 0.7
Previous Daily Low 0.6935
Previous Weekly High 0.7161
Previous Weekly Low 0.6923
Previous Monthly High 0.7317
Previous Monthly Low 0.7115
Daily Fibonacci 38.2% 0.6975
Daily Fibonacci 61.8% 0.696
Daily Pivot Point S1 0.6948
Daily Pivot Point S2 0.6909
Daily Pivot Point S3 0.6883
Daily Pivot Point R1 0.7013
Daily Pivot Point R2 0.7039
Daily Pivot Point R3 0.7079

 

 

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