NZD/USD Price Analysis: Sellers flirt with 0.6300 with eyes on yearly low

NZD/USD bears take a breather following the biggest daily fall in a week.
Short-term SMAs stop bears on the way to weekly horizontal support comprising multi-month low.
Descending RSI, not oversold, keep sellers hopeful, 100-SMA limits upside momentum.

Anil Panchal FXStreet

NZD/USD holds lower ground near 0.6300, after declining the most in a week, as bears await the key New Zealand Annual Budget Release during early Thursday.

In doing so, the Kiwi pair jostles with the 21-SMA and 50-SMA amid a downward sloping RSI (14) line, not oversold.

Not only the RSI but the pair’s inability to cross one-week-old horizontal resistance, as well as stay beyond a monthly descending trend line also keeps NZD/USD sellers hopeful.

That said, the quote’s latest weakness aims the area comprising the monthly low, also the lowest levels since 2020, around 0.6225-15.

Following that, the 0.6200 threshold may offer an intermediate halt before directing bears towards April 2020 peak near 0.6175.

Alternatively, a one-month-old downward sloping resistance line restricts immediate upside around 0.6335, a break of which will direct buyers towards a horizontal region from May 09, surrounding 0.6375-85.

Even if the NZD/USD prices rise past 0.6385, a clear run-up past-100-SMA, close to 0.6390, becomes necessary for the buyers to retake control.

NZD/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.6358
Today Daily Change	0.0003
Today Daily Change %	0.05%
Today daily open	0.6355

Trends
Daily SMA20	0.6461
Daily SMA50	0.6708
Daily SMA100	0.6719
Daily SMA200	0.6848

Levels
Previous Daily High	0.6376
Previous Daily Low	0.6261
Previous Weekly High	0.6414
Previous Weekly Low	0.6217
Previous Monthly High	0.7035
Previous Monthly Low	0.6451
Daily Fibonacci 38.2%	0.6332
Daily Fibonacci 61.8%	0.6305
Daily Pivot Point S1	0.6285
Daily Pivot Point S2	0.6216
Daily Pivot Point S3	0.6171
Daily Pivot Point R1	0.64
Daily Pivot Point R2	0.6446
Daily Pivot Point R3	0.6515

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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