- NZD/USD struggles around four-month low inside the six-week-old descending trend channel.
- The bearish pattern’s support line holds the key to October 2019 lows.
- The channel’s upper line, 61.8% Fibonacci retracement limit the pair’s near-term declines amid oversold RSI.
- Comments from New Zealand PM and downbeat data joined coronavirus to please the bears.
NZD/USD remains on the back foot, down 0.40% to 0.6325, by the press time of early Monday. In doing so, the pair remains inside a short-term falling trade channel.
Even so, the formation’s support line around 0.6280 and 0.6240 can question further selling while RSI conditions are overbought.
If at all the bears refrain to respect RSI and dominate below 0.6240, October 2019 low near 0.6200 will be on their radars.
NZD/USD daily chart
Additional important levels
|Today last price||0.6349|
|Today Daily Change||0.0000|
|Today Daily Change %||0.00|
|Today daily open||0.6349|
|Previous Daily High||0.6358|
|Previous Daily Low||0.6303|
|Previous Weekly High||0.6449|
|Previous Weekly Low||0.6303|
|Previous Monthly High||0.6741|
|Previous Monthly Low||0.6453|
|Daily Fibonacci 38.2%||0.6337|
|Daily Fibonacci 61.8%||0.6324|
|Daily Pivot Point S1||0.6315|
|Daily Pivot Point S2||0.6282|
|Daily Pivot Point S3||0.626|
|Daily Pivot Point R1||0.637|
|Daily Pivot Point R2||0.6392|
|Daily Pivot Point R3||0.6425|
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