NZD/USD Technical Analysis: Break of 61.8% Fibonacci, bearish MACD signal further declines

NZD/USD seesaws around 14-day low after breaking 61.8% Fibonacci retracement.
200-bar SMA limits immediate declines, December 18 bottom on seller’s radar.
A descending trend line since December 31 adds to the resistance.

Anil Panchal FXStreet

NZD/USD declines to 0.6600, following its sustained trading below 61.8% Fibonacci retracement of December month rise, during early Friday.

While bearish MACD signal further declines by the pair, a 200-bar SMA level of 0.6595 acts as the nearest support holding the keys to December 18 low surrounding 0.6554.

If NZD/USD prices keep trading south after 0.6554, the December month low near 0.6520 and 0.6500 round-figure could return to the chart.

On the flip side, short-term falling trend line resistance, at 0.6652 now, can keep the pair under pressure, a break of which will recall 0.6700 mark for buyers.

However, December top near 0.6755 and July 2019 high around 0.6792 will question the Bulls afterward.

NZD/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.6607
Today Daily Change	-4 pips
Today Daily Change %	-0.06%
Today daily open	0.6611

Trends
Daily SMA20	0.6647
Daily SMA50	0.6524
Daily SMA100	0.6432
Daily SMA200	0.6519

Levels
Previous Daily High	0.6659
Previous Daily Low	0.6599
Previous Weekly High	0.6756
Previous Weekly Low	0.6643
Previous Monthly High	0.6756
Previous Monthly Low	0.6424
Daily Fibonacci 38.2%	0.6622
Daily Fibonacci 61.8%	0.6636
Daily Pivot Point S1	0.6587
Daily Pivot Point S2	0.6563
Daily Pivot Point S3	0.6527
Daily Pivot Point R1	0.6647
Daily Pivot Point R2	0.6683
Daily Pivot Point R3	0.6707

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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