- 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
Additional important lelvels
|Today last price||0.7134|
|Today Daily Change||7 pips|
|Today Daily Change %||0.10%|
|Today daily open||0.7127|
|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|
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