NZD/USD technical analysis: Constructive set-up on 1-hourly chart fails to inspire bulls, FOMC awaited

The NZD/USD pair extended its steady intraday slide along a descending trend-channel and is currently placed at the lower end of its daily trading range.
Given the previous session's goodish bounce, the mentioned channel constituted towards the formation of a bullish flag chart pattern on the 1-hourly chart.

Haresh Menghani FXStreet

Meanwhile, technical indicators on hourly/daily charts maintained their mildly bearish bias and haven’t been supportive of the constructive set-up, warranting caution before positioning for any further near-term recovery move.

A convincing break through the trend-channel support, leading to a subsequent slide below the key 0.6500 psychological mark will negate any near-term positive bias and turn the pair vulnerable to resume its bearish trend.

Below the said handle, the pair is likely to take out yearly lows support near the 0.6480 region and aim towards testing Sept.-Oct. 2018 swing lows, around the 0.6430-25 region before eventually dropping to the 0.6400 round figure mark.

Alternatively, a sustained move beyond the trend-channel resistance, currently near the 0.6530 region, will reinforce the bullish set-up and prompt some short-covering move, assisting the pair to head towards reclaiming the 0.6600 handle.

NZD/USD 1-hourly chart

NZD/USD

Overview
Today last price	0.6516
Today Daily Change	-0.0013
Today Daily Change %	-0.20
Today daily open	0.6529

Trends
Daily SMA20	0.6559
Daily SMA50	0.6605
Daily SMA100	0.6715
Daily SMA200	0.671

Levels
Previous Daily High	0.6538
Previous Daily Low	0.649
Previous Weekly High	0.6666
Previous Weekly Low	0.6487
Previous Monthly High	0.6684
Previous Monthly Low	0.6481
Daily Fibonacci 38.2%	0.652
Daily Fibonacci 61.8%	0.6508
Daily Pivot Point S1	0.65
Daily Pivot Point S2	0.6471
Daily Pivot Point S3	0.6452
Daily Pivot Point R1	0.6548
Daily Pivot Point R2	0.6567
Daily Pivot Point R3	0.6596

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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