NZD/USD technical analysis: Bears await a sustained weakness below 0.6400 handle

  • The pair continued with its struggle to make it through the 0.6440-45 supply zone.
  • Sustained weakness below the 0.6400 handle needed to confirm further downfall.

The NZD/USD pair continued with its struggle to make it through the 0.6440-45 horizontal resistance and traded with a mild negative bias through the early North-American session on Wednesday.
The intraday downtick has now dragged the pair below 100-hour SMA, though bulls have managed to defend the 0.6400 handle - support marked by 23.6% Fibo. level of the 0.6269-0.6445 up-move.
Meanwhile, technical indicators on hourly charts have been drifting lower in the bearish territory/losing traction, suggesting that the recent corrective bounce might have already run out of the steam.
Moreover, oscillators on the daily chart are yet to catch up with the recent bounce and struggled to gain any meaningful positive momentum, supporting prospects for some near-term weakness.
Hence, a sustained break below the mentioned handle seems more likely to prompt some aggressive technical selling and accelerate the slide towards 23.6% Fibo. level en-route the 0.6365-60 support.

NZD/USD 1-hourly chart



Today last price 0.6415
Today Daily Change -0.0009
Today Daily Change % -0.14
Today daily open 0.6424
Daily SMA20 0.6384
Daily SMA50 0.6527
Daily SMA100 0.6558
Daily SMA200 0.6678
Previous Daily High 0.6443
Previous Daily Low 0.6409
Previous Weekly High 0.6444
Previous Weekly Low 0.6269
Previous Monthly High 0.659
Previous Monthly Low 0.6283
Daily Fibonacci 38.2% 0.6422
Daily Fibonacci 61.8% 0.643
Daily Pivot Point S1 0.6408
Daily Pivot Point S2 0.6391
Daily Pivot Point S3 0.6374
Daily Pivot Point R1 0.6442
Daily Pivot Point R2 0.6459
Daily Pivot Point R3 0.6476



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