NZD/USD Price Analysis: Turns south towards 0.6900 after rejection above 50-SMA


  • NZD/USD faces rejection above 50-SMA resistance, drops below 0.6950.
  • Bears are now targeting the 21-SMA demand area.
  • RSI has crossed the midline for the downside.

NZD/USD sellers return on Thursday after a temporary reversal saw stiff resistance near the 0.6975 region.

As observed on the four-hour chart, the kiwi is heading south to test the downward-sloping 21-Simple Moving Average (SMA) at 0.6942, having failed to find acceptance above the mildly bearish 50-SMA at 0.6973.

The Relative Strength Index (RSI) has flipped bearish on the said timeframe after it pierced through the midline from above. The leading indicator now stands at 49.04.

A firm break below the 21-SMA could trigger a quick drop towards 0.6900, below which the eight-month lows of 0.6881 could be tested.

NZD/USD: Four-hour chart

On the upside, a four-hourly candlestick closing above the 50-SMA barrier will expose the descending 100-SMA at 0.6986.  

The 0.7000 psychological level will be the level to beat for the NZD bulls.

NZD/USD: Additional levels

NZD/USD

Overview
Today last price 0.6947
Today Daily Change -0.0024
Today Daily Change % -0.34
Today daily open 0.6972
 
Trends
Daily SMA20 0.6996
Daily SMA50 0.71
Daily SMA100 0.7119
Daily SMA200 0.7082
 
Levels
Previous Daily High 0.6978
Previous Daily Low 0.6894
Previous Weekly High 0.7046
Previous Weekly Low 0.6917
Previous Monthly High 0.7289
Previous Monthly Low 0.6923
Daily Fibonacci 38.2% 0.6946
Daily Fibonacci 61.8% 0.6926
Daily Pivot Point S1 0.6918
Daily Pivot Point S2 0.6864
Daily Pivot Point S3 0.6834
Daily Pivot Point R1 0.7002
Daily Pivot Point R2 0.7032
Daily Pivot Point R3 0.7086

 

 

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

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hovers around 1.1900, retains weekly gains

The EUR/USD pair trades around the 1.19 mark after the Eurozone Q2 Prelim GDP beat estimates with 2% while US PCE inflation rose by less than anticipated in June, printing at 3.5% YoY. Risk-on mood persists.

EUR/USD News

GBP/USD retreats after flirting with 1.4000

GBP/USD retreated from near the 1.4000 level, but the greenback remains away from investors' radar. Optimism over the Brexit issue and the declining trend in new COVID-19 cases in the UK offers support to the pound.

GBP/USD News

XAU/USD slides to $1,820 area, downside seems limited

Gold traded with a mild negative bias around the $1,825 region, or daily lows, during the early North American session, albeit lacked any follow-through selling.

Gold News

Shiba gets listed on eToro as demand for SHIB skyrockets

Leading investment platform eToro has been adding cryptocurrency assets on popular demand from users. The Dogecoin killer recently amassed 600,000 holders despite range-bound price action. 

Read more

NIO shares rise again as Wall Street shrugs off recent China woes

NYSE:NIO added 1.86% as EV and China stocks bounced back again. Nio rides higher as industry leader Tesla gets some major upgrades. Nio rival XPeng releases a refreshed look for its compact SUV.

Read more

Forex MAJORS

Cryptocurrencies

Signatures