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.

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

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hits six-week high amid risk-on mood

EUR/USD has risen above 1.22, hitting the highest since mid-January. The US Fed's commitment to easing has boosted the market mood and the safe-haven dollar is down despite higher US yields. A big bulk of US data including GDP awaits traders.

EUR/USD News

AUD/USD breaks through critical 0.8000 level, fresh three-year highs

AUD/USD rides the reflation wave higher. The aussie reaches the highest since February 2018. Surge in commodities complex underpins the AUD.

AUD/USD News

Gamestop (GME) Stock Price and Forecast: Soars 273% as “diamond hands” trigger meme stock comeback

NYSE: GME is trading at around $168 in Thursday's premarket trade, up 273% from Wednesday's early trading price. The departure of the CFO served as the trigger to the fresh buying frenzy. Retail traders that have held onto shares seem to be behind the surge.

Read more

Dogecoin on the verge of a 75% lift-off

Dogecoin price has been lull ever since the local top on February 7. However, a 20% surge due to Elon Musk’s recent endorsement has led to a breakout from a bull flag pattern. Now, the meme coin could surge 75% to record levels soon.

Read more

US Dollar Index looks depressed near 90.00 ahead of data

The US Dollar Index (DXY), which tracks the greenback vs. a bundle of its main rivals, remains under heavy pressure around the key 90.00 neighbourhood in the second half of the week.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures