NZD/USD technical analysis: Bears challenging 0.6375 confluence support

Bulls failed to capitalize on the post-RBNZ upsurge to over one-week tops.
Subsequent weakness might turn the pair vulnerable to retest 0.6300 mark.

Haresh Menghani FXStreet

The NZD/USD pair failed to capitalize on the previous session's post-RBNZ upsurge to over one-week tops and started retreating from a resistance marked by 61.8% Fibonacci level of the 0.6466-0.6322 recent downfall.

The intraday downfall has now dragged the pair to fresh session lows, around the 0.6375 confluence support, comprising of 200-hour SMA and 38.2% Fibo. level, which should act as a key pivotal point for short-term traders.

Meanwhile, technical indicators on hourly charts have been drifting lower in the bearish territory and lost positive momentum on the daily chart, shifting the near-term outlook back in favour of bearish traders.

Some follow-through selling below the mentioned confluence support will reinforce the negative bias and accelerate the slide back towards mid-0.6300s en-route weekly lows support near the 0.6325 region.

On the flip side, the 0.6400 handle, coinciding with 50% Fibo. level now seems to act as an immediate resistance, above which the stage seems set for a move towards challenging the 0.6440-50 heavy supply zone.

NZD/USD 1-hourly chart

NZD/USD

Overview
Today last price	0.6374
Today Daily Change	-0.0039
Today Daily Change %	-0.61
Today daily open	0.6413

Trends
Daily SMA20	0.6379
Daily SMA50	0.6345
Daily SMA100	0.6447
Daily SMA200	0.6573

Levels
Previous Daily High	0.642
Previous Daily Low	0.6327
Previous Weekly High	0.6466
Previous Weekly Low	0.6321
Previous Monthly High	0.6437
Previous Monthly Low	0.6204
Daily Fibonacci 38.2%	0.6385
Daily Fibonacci 61.8%	0.6363
Daily Pivot Point S1	0.6354
Daily Pivot Point S2	0.6294
Daily Pivot Point S3	0.626
Daily Pivot Point R1	0.6447
Daily Pivot Point R2	0.648
Daily Pivot Point R3	0.654

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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