NZD/USD Technical Analysis: Fails to find acceptance above 50-DMA, faces rejection near a descending trend-channel resistance

Haresh Menghani FXStreet

• The pair stalled its recent recovery from near 32-month lows touched early this month and is now retracing from a resistance marked by 4-1/2-month-old descending trend-channel.

• Adding to this, the pair has also failed to find acceptance above 50-day SMA, suggesting that the near-term recovery move might have already run out of steam.

• Technical indicators on the daily chart are still far from moving into positive territory and add credence to the near-term bearish set-up, paving the way for an additional near-term downfall.

• A convincing break below the key 0.6500 psychological mark will reinforce the negative outlook and turn the pair vulnerable to resume its prior/well-established depreciating move.

NZD/USD daily chart

NZD/USD

Overview:
    Last Price: 0.6565
    Daily change: -24 pips
    Daily change: -0.364%
    Daily Open: 0.6589
Trends:
    Daily SMA20: 0.6552
    Daily SMA50: 0.659
    Daily SMA100: 0.6713
    Daily SMA200: 0.6958
Levels:
    Daily High: 0.6609
    Daily Low: 0.6524
    Weekly High: 0.6609
    Weekly Low: 0.6494
    Monthly High: 0.67
    Monthly Low: 0.6501
    Daily Fibonacci 38.2%: 0.6576
    Daily Fibonacci 61.8%: 0.6556
    Daily Pivot Point S1: 0.6539
    Daily Pivot Point S2: 0.6489
    Daily Pivot Point S3: 0.6454
    Daily Pivot Point R1: 0.6624
    Daily Pivot Point R2: 0.6658
    Daily Pivot Point R3: 0.6708

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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