NZD/USD Price Analysis: Weak inside short-term falling trend channel


  • 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.

While downbeat Retail Sales and Credit Card Spending from New Zealand (NZ) earlier dented the NZD/USD pair amid coronavirus fears, comments from the NZ PM Jacinda Ardern recently weigh on the prices.

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.

On the upside, the said channel’s resistance and 61.8% Fibonacci retracement level of October-December 2019 upside, respectively around 0.6400 and 0.6415, can limit the pair’s pullbacks.

NZD/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price 0.6349
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 0.6349
 
Trends
Daily SMA20 0.6444
Daily SMA50 0.656
Daily SMA100 0.6485
Daily SMA200 0.6495
 
Levels
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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