NZD/USD Price Analysis: Slips below short-term key support

NZD/USD registers decline for the fourth day in a row after Wednesday’s Dragonfly Doji.
A fortnight-long descending trend line guards the immediate recovery, 0.6400 can offer intermediate halt to the monthly bottom.

Anil Panchal FXStreet

NZD/USD seesaws around 0.6415 while heading into the European open on Tuesday. Even so, the pair stays below short-term horizontal support.

As a result, sellers can take aim at the monthly lows near 0.6375 during the further declines, as indicated by the bearish MACD. However, the 0.6400 round-figure can offer an intermediate halt.

If at all NZD/USD prices keep declining below 0.6375, November month bottom surrounding 0.6315 and 0.6300 could become the bears’ favorites.

Alternatively, the pair’s pullback moves beyond 0.6420 support-turned-resistance needs to cross the two-week-old falling trend line, at 0.6475 now, to challenge the monthly top close to 0.6500.

NZD/USD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.6416
Today Daily Change	-24 pips
Today Daily Change %	-0.37%
Today daily open	0.644

Trends
Daily SMA20	0.6491
Daily SMA50	0.6577
Daily SMA100	0.6481
Daily SMA200	0.6499

Levels
Previous Daily High	0.6449
Previous Daily Low	0.642
Previous Weekly High	0.6488
Previous Weekly Low	0.6377
Previous Monthly High	0.6741
Previous Monthly Low	0.6453
Daily Fibonacci 38.2%	0.6431
Daily Fibonacci 61.8%	0.6438
Daily Pivot Point S1	0.6424
Daily Pivot Point S2	0.6408
Daily Pivot Point S3	0.6395
Daily Pivot Point R1	0.6453
Daily Pivot Point R2	0.6465
Daily Pivot Point R3	0.6482

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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