- 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.
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.
- R3 0.6428
- R2 0.641
- R1 0.6377
- PP 0.6359
- S1 0.6326
- S2 0.6308
- S3 0.6275
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