NZD/USD Price Analysis: Sellers break 200-HMA on the way to weekly support


  • NZD/USD remains pressured amid downbeat MACD signals, descending RSI line.
  • A clear break of 200-HMA also favor bears, bulls need to cross immediate horizontal line.
  • Downbeat China, Aussie data, US dollar gains add strength to the bearish bias.

NZD/USD takes offers near 0.6553, down 0.28% intraday to refresh the day’s low, amid early Monday. The kiwi pair’s latest weakness could be traced to the weaker-than-expected data from Australia and China.

Read: AUD/USD drops towards 0.7300 on downbeat China Caixin Maunfacturing PMI

The quote’s drop below 200-HMA amid bearish MACD signals and downward sloping RSI line, not oversold, also justify the downbeat fundamentals, suggesting further weakness towards a short-term support line near 0.6930.

However, any further downside past a one-week-old ascending support line may not hesitate to challenge the yearly low near 0.6880.

On the flip side, corrective pullback below the 200-HMA level of 0.6970 will aim for an immediate horizontal hurdle surrounding 0.6990 and then to the 0.7000 threshold.

Though, a clear run-up past 0.7000 may recall short-term NZD/USD bulls targeting July’s top near 0.7105.

Overall, NZD/USD remains on the bears’ radar, indicating a fresh yearly low.

NZD/USD hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 0.6964
Today Daily Change -0.0010
Today Daily Change % -0.14%
Today daily open 0.6974
 
Trends
Daily SMA20 0.698
Daily SMA50 0.7068
Daily SMA100 0.7104
Daily SMA200 0.7094
 
Levels
Previous Daily High 0.7022
Previous Daily Low 0.6959
Previous Weekly High 0.7022
Previous Weekly Low 0.6902
Previous Monthly High 0.7106
Previous Monthly Low 0.6881
Daily Fibonacci 38.2% 0.6983
Daily Fibonacci 61.8% 0.6998
Daily Pivot Point S1 0.6948
Daily Pivot Point S2 0.6922
Daily Pivot Point S3 0.6885
Daily Pivot Point R1 0.7011
Daily Pivot Point R2 0.7048
Daily Pivot Point R3 0.7074

 

 

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

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD tumbles to five-week low on rising US yields, energy crisis

EUR/USD has tumbled below 1.17, hitting the lowest since August 20 as Europe struggles with soaring gas prices and China suffers power cuts. US Consumer Confidence missed with 109.3 points. Fed Chair Powell explains the bank's taper signal.

EUR/USD News

GBP/USD plummets below 1.3550 on stronger dollar, energy crisis

GBP/USD has plunged under 1.3550, the lowest since January. Markets are in a sour mood as China suffers from power outages. The British army is on standby to mitigate fuel shortages. The pound ignores the hawkish comments from BOE Governor Bailey.

GBP/USD News

XAU/USD eyes $1730 and $1727 as next downside targets

Gold is off the lows but remains vulnerable amid the underlying narrative the Fed could announce a sooner-than-expected rate hike, as the TIPS market has also started pricing in higher future inflation. 

Gold News

Crypto markets prepare for a bullish October

Bitcoin price shows signs of bullish breakout as it traverses a falling wedge. Ethereum price also displays an optimistic outlook as it forms a descending parallel channel.

Read more

Why is Apple stock falling?

Apple stock (AAPL) took the rise in bond yields poorly on Monday as tech stocks and the Nasdaq suffered disproportionally. The Nasdaq closed the worst performing index of the day -0.81% while the Dow was actually positive and the S&P 500 lost just over a quarter of a percent.

Read more

Forex MAJORS

Cryptocurrencies

Signatures