NZD/USD technical analysis: 100-HMA, declining channel challenge bullish MACD

One-week-old descending trend-channel, 100-HMA limit immediate upside despite bullish MACD.
0.6405 offers near-term strong support ahead of current month low.

Anil Panchal FXStreet

Despite a bullish signal by the key technical indicator, the NZD/USD pair remains below adjacent resistances while it trades near 0.6440 during early Thursday.

The 0.6457/60 becomes the key resistance-confluence, including 100-hour moving average (HMA) and one-week-old falling channel, for buyers to watch if they prefer bullish signal by the 12-bar moving average convergence and divergence (MACD) indicator.

It should, however, be noted that pair’s rally past-0.6460 can trigger fresh rise targeting 61.8% Fibonacci retracement level of 0.6510 whereas August 07 high near 0.6560 can please buyers afterward.

Alternatively, 23.6% Fibonacci retracement level of 0.6428 and channel support figure of 0.6405 could keep sellers at bay.

In a case where prices slip under 0.6405, month’s low near 0.6378 gain market attention.

NZD/USD hourly chart

Trend: Bearish

1. R3 0.6511
2. R2 0.6491
3. R1 0.6462
PP 0.6442
1. S1 0.6413
2. S2 0.6393
3. S3 0.6364

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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