NZD/USD Technical Analysis: 0.6585 can lure sellers after 61.8% Fibo. support breaks

Anil Panchal FXStreet

NZD/USD flashes fresh low of the month by being near 0.6620 after Australia’s sluggish inflation data also negatively affected the New Zealand Dollar (NZD) because of their trade ties.

The pair has already dipped beneath 61.8% Fibonacci retracement of its October to December 2018 upside, signaling brighter chances of further declines towards late-October highs near 0.6610 followed by January month low around 0.6585.

If at all the quote continues trading southward under 0.6585, 0.6570, 0.6510 and 0.6470 may offer intermediate halts during the further downpour to 0.6420.

Alternatively, an upside clearance above 61.8% Fibonacci retracement level of 0.6630 can recall 0.6670 and 50% Fibonacci retracement near 0.6700.

However, 0.6700-0.6710 area and 0.6730 resistance-confluence comprising 200-day SMA and a month old descending trend-line could challenge buyers then after.

NZD/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.6624
Today Daily Change	-32 pips
Today Daily Change %	-0.48%
Today daily open	0.6656

Trends
Daily SMA20	0.6745
Daily SMA50	0.6804
Daily SMA100	0.6798
Daily SMA200	0.6731

Levels
Previous Daily High	0.6688
Previous Daily Low	0.6629
Previous Weekly High	0.6784
Previous Weekly Low	0.6667
Previous Monthly High	0.6939
Previous Monthly Low	0.6744
Daily Fibonacci 38.2%	0.6652
Daily Fibonacci 61.8%	0.6665
Daily Pivot Point S1	0.6627
Daily Pivot Point S2	0.6599
Daily Pivot Point S3	0.6568
Daily Pivot Point R1	0.6686
Daily Pivot Point R2	0.6717
Daily Pivot Point R3	0.6745

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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