NZD/USD technical analysis: 4H 100MA, 61.8% Fibo. can trigger pullback

Near-term important support and oversold RSI question further declines.
0.6610 becomes the key upside barrier.

Anil Panchal FXStreet

While sustained trading beneath 0.6610 portrays the NZD/USD pair’s weakness, 100-bar moving average and 61.8% Fibonacci retracement can limit further declines of the quote that seesaws around 0.6570 while heading into European open on Wednesday.

The 100-bar moving average on the 4-hour chart (4H 100MA) and 61.8% Fibonacci retracement of latest upside together constitute 0.6562 – 0.6557 support area. Adding to the support strength could be oversold levels of 14-bar relative strength index (RSI).

Should sellers refrain from respecting 0.6557 rest-point, its drop to 0.6530 horizontal mark 0.6500 and then to 0.6480 can’t be denied.

Alternatively, 0.6590 could become immediate resistance to watch during the pullback prior to highlighting 0.6610 horizontal-line for one more time.

If there prevails an extended north-run past-0.6610, 0.6655 and 0.6685 could become buyers’ favorites.

NZD/USD 4-Hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.6571
Today Daily Change	-7 pips
Today Daily Change %	-0.11%
Today daily open	0.6578

Trends
Daily SMA20	0.6559
Daily SMA50	0.6627
Daily SMA100	0.673
Daily SMA200	0.671

Levels
Previous Daily High	0.6612
Previous Daily Low	0.6568
Previous Weekly High	0.6682
Previous Weekly Low	0.6528
Previous Monthly High	0.6684
Previous Monthly Low	0.6481
Daily Fibonacci 38.2%	0.6585
Daily Fibonacci 61.8%	0.6595
Daily Pivot Point S1	0.656
Daily Pivot Point S2	0.6542
Daily Pivot Point S3	0.6516
Daily Pivot Point R1	0.6604
Daily Pivot Point R2	0.663
Daily Pivot Point R3	0.6648

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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