NZD/USD technical analysis: Faces rejection near 0.6600 handle, dip-buying to help limit the downside

The NZD/USD pair stalled its recent up-move near 61.8% Fibo. level of the 0.6682-0.6488 recent slide and snapped four consecutive days of winning streak.
However, the intraday slide now seems to have found some support near 50-hour SMA, which is followed by 38.2% Fibo. level support near the 0.6560 region.

Haresh Menghani FXStreet

With technical indicators on the 1-hourly chart starting to gain negative momentum, a convincing break below the mentioned support now seems to accelerate the slide further towards 23.6% Fibo. level en-route the next major support near the 0.6530-25 region.

Meanwhile, oscillators on the 4-hourly chart maintained their bullish bias and have also recovered from the negative territory on the daily chart, suggesting that any meaningful dips are more likely to be seen as a buying opportunity amid the latest dovish shift by the FOMC.

On the flip side, bulls are likely to wait for a sustained move beyond the mentioned resistance, near the 0.6600 handle, above which the pair is likely to aim towards testing monthly swing highs, around the 0.6680 region with some intermediate resistance near mid-0.6600s.

NZD/USD 1-hourly chart

NZD/USD

Overview
Today last price	0.657
Today Daily Change	-0.0017
Today Daily Change %	-0.26
Today daily open	0.6587

Trends
Daily SMA20	0.6564
Daily SMA50	0.6598
Daily SMA100	0.6709
Daily SMA200	0.671

Levels
Previous Daily High	0.6596
Previous Daily Low	0.6534
Previous Weekly High	0.6666
Previous Weekly Low	0.6487
Previous Monthly High	0.6684
Previous Monthly Low	0.6481
Daily Fibonacci 38.2%	0.6573
Daily Fibonacci 61.8%	0.6558
Daily Pivot Point S1	0.6549
Daily Pivot Point S2	0.651
Daily Pivot Point S3	0.6486
Daily Pivot Point R1	0.6611
Daily Pivot Point R2	0.6635
Daily Pivot Point R3	0.6674

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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