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.

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
  1. PP 0.6359
    1. S1 0.6326
    2. S2 0.6308
    3. S3 0.6275

 

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