NZD/USD Price Analysis: Sellers await 0.7115 breakdown for fresh entry


  • NZD/USD fades bounce off six-week-old horizontal support, keeps Friday’s 100-day EMA breakdown.
  • Bearish MACD also favors sellers, falling trend line from May 26 adds to the upside filters.

NZD/USD drops back towards 0.7130, down 0.07% intraday, amid Monday’s Asian session. In doing so, the kiwi pair extends Friday’s 100-day EMA breakdown towards the previous month’s low.

Other than the downside break of the 100-day EMA, around 0.7155, bearish MACD also favors NZD/USD sellers targeting 0.7115 horizontal support.

It should, however, be noted that early March lows near 0.7100 and multiple tops marked around 23.6% Fibonacci retracement of February-March downside, near 0.7065, adds to the pair’s supports.

Meanwhile, an upside clearance of 100-day EMA level of 0.7155 won’t be enough for the NZD/USD bulls to return as a convergence of a three-week-old falling trend line and 50% Fibonacci retracement level close to 0.7205 pose a serious challenge to the pair’s upside momentum.

Even if the quote rises past 0.7205, 61.8% Fibonacci retracement level and late May high, respectively around 0.7265 and 0.7320, will be the key resistances to watch.

NZD/USD daily chart

Trend: Bearish

Additional important lelvels

Overview
Today last price 0.7134
Today Daily Change 7 pips
Today Daily Change % 0.10%
Today daily open 0.7127
 
Trends
Daily SMA20 0.7217
Daily SMA50 0.7187
Daily SMA100 0.7183
Daily SMA200 0.703
 
Levels
Previous Daily High 0.7211
Previous Daily Low 0.7115
Previous Weekly High 0.7244
Previous Weekly Low 0.7115
Previous Monthly High 0.7317
Previous Monthly Low 0.7115
Daily Fibonacci 38.2% 0.7152
Daily Fibonacci 61.8% 0.7174
Daily Pivot Point S1 0.7091
Daily Pivot Point S2 0.7055
Daily Pivot Point S3 0.6995
Daily Pivot Point R1 0.7187
Daily Pivot Point R2 0.7247
Daily Pivot Point R3 0.7283

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD holds steady above 1.1750 amid worsening mood

EUR/USD is off the highs, holding steady above 1.1750 amid a worsening market mood, courtesy of the falling Chinese stocks. The pair opened higher and moved in a narrow trade band with 15 pips movement, with all eyes on the FOMC this week. 

EUR/USD News

GBP/USD: Demand for the pound is still partial

The GBP/USD pair ended Friday and the week unchanged around 1.3750, after bottoming on Tuesday at 1.3571, its lowest in five months. Brexit and the pandemic keep limiting demand for the pound. GBP/USD is losing bullish strength, but there are no signs of an upcoming slide.

GBP/USD News

EUR/USD holds steady above 1.1750 amid worsening mood

EUR/USD is off the highs, holding steady above 1.1750 amid a worsening market mood, courtesy of the falling Chinese stocks. The pair opened higher and moved in a narrow trade band with 15 pips movement, with all eyes on the FOMC this week. 

EUR/USD News

Ethereum price reaches initial target, but ETH rebound is more than a dead cat bounce

Ethereum price reached the initial price target at the union of the 200-week SMA with the 2020 ascending trend line and the 50-day SMA. Today’s weakness is an obvious outcome and follows a bearish momentum divergence on the four-hour chart.

Read more

Chart of the Week: Commodity-FX in focus, bears in control

With the Federal Open Market Committee and headlines regarding the Delta variant, the week ahead will be an important one from both a fundamental and technical perspective. AUD/USD bears seeking a break of meanwhile support. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures