NZD/USD technical analysis: At session lows, down for fifth straight day

NZD/USD is trading in the red for the fifth straight day.
The bearish lower highs setup favors a retest of recent lows below 0.63.

Omkar Godbole FXStreet Contributor

NZD/USD is currently trading at the session low of 0.6330, representing 0.19% losses on the day, having hit a high of 0.6390 earlier today.

The currency pair is reporting losses for the fifth straight day. A negative close would confirm the longest daily losing run since Aug. 5.

The daily chart shows the bounce from the Sept.3 low of 0.6269 ended up creating a bearish lower high above 0.6440. The lower high setup is also backed by the bearish crossover of the 5- and 10-day moving averages (MAs).

Further, the 14-day relative strength index is reporting bearish conditions with a below-50 print.

So, a further drop to levels below 0.63 could be in the offing.

Daily chart

Trend: Bearish

Pivot levels

1. R3 0.6428
2. R2 0.641
3. R1 0.6377
PP 0.6359
1. S1 0.6326
2. S2 0.6308
3. S3 0.6275

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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