NZD/USD Technical Analysis: Bears to target 0.6700 handle, ascending trend-channel support

Haresh Menghani FXStreet

• The pair extended last week's corrective slide from near four-week tops and remained under some selling pressure for the fifth consecutive session on Monday.

• The downfall has been along a descending trend-channel formation on short-term charts, pointing to increasing selling bias and a well-established bearish trend.

• The fact that the pair is holding well below its important intraday moving averages - 50, 100 & 200-hour SMA, adds credence to the near-term negative outlook.

• Bearish technical indicators on hourly/daily chart further reinforce the bearish set-up and point to an extension of the downfall towards testing the channel support.

NZD/USD 1-hourly chart

NZD/USD

Overview:
    Today Last Price: 0.6732
    Today Daily change: -0.0009 pips
    Today Daily change %: -0.13%
    Today Daily Open: 0.6741
Trends:
    Daily SMA20: 0.6746
    Daily SMA50: 0.6797
    Daily SMA100: 0.6688
    Daily SMA200: 0.6783
Levels:
    Previous Daily High: 0.6785
    Previous Daily Low: 0.6739
    Previous Weekly High: 0.685
    Previous Weekly Low: 0.6727
    Previous Monthly High: 0.697
    Previous Monthly Low: 0.6686
    Daily Fibonacci 38.2%: 0.6756
    Daily Fibonacci 61.8%: 0.6767
    Daily Pivot Point S1: 0.6725
    Daily Pivot Point S2: 0.6709
    Daily Pivot Point S3: 0.668
    Daily Pivot Point R1: 0.6771
    Daily Pivot Point R2: 0.6801
    Daily Pivot Point R3: 0.6817

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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