NZD/USD technical analysis: Bears challenge last week’s swing low, around 0.6280-75 region


  • Bulls failed to capitalize on last week’s late positive move.
  • Fall below 200-hour SMA was seen as a trigger for bears.

The pair failed to capitalize on last week's late positive move and witnessed some fresh selling on Monday near a resistance marked by 61.8% Fibonacci retracement level of the 0.6452-0.6204 recent downfall.
 
A subsequent slide below 200-hour SMA and 38.2% Fibo. level was seen as a key trigger for bearish traders and has now dragged the pair back towards last week's swing lows support near the 0.6280-75 region.
 
Given that oscillators on the 4-hourly charts have been drifting lower in the bearish territory and just started gaining negative momentum on the daily chart, the intraday bias seems tilted in favour of bearish traders.
 
However, technical indicators on the 1-hourly chart are already flashing slightly oversold conditions and might turn out to be the only factor that might help limit further losses, at least for the time being.
 
Meanwhile, a decisive breakthrough the mentioned support will confirm the bearish outlook and set the stage for a further near-term depreciating move back towards challenging the 0.6200 round-figure mark.
 
On the flip side, the 0.6300 handle (200-hour SMA) now seems to act as an immediate resistance, above which the pair is likely to make a fresh attempt towards clearing the 0.6350-55 supply zone – tested on Friday.

NZD/USD 1-hourly chart

fxsoriginal

NZD/USD

Overview
Today last price 0.6288
Today Daily Change -0.0048
Today Daily Change % -0.76
Today daily open 0.6336
 
Trends
Daily SMA20 0.63
Daily SMA50 0.6364
Daily SMA100 0.6495
Daily SMA200 0.6624
 
Levels
Previous Daily High 0.6355
Previous Daily Low 0.6316
Previous Weekly High 0.6355
Previous Weekly Low 0.6276
Previous Monthly High 0.6452
Previous Monthly Low 0.6249
Daily Fibonacci 38.2% 0.634
Daily Fibonacci 61.8% 0.6331
Daily Pivot Point S1 0.6316
Daily Pivot Point S2 0.6297
Daily Pivot Point S3 0.6277
Daily Pivot Point R1 0.6355
Daily Pivot Point R2 0.6375
Daily Pivot Point R3 0.6394

 

 

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