NZD/USD Technical Analysis: flirting with an important horizontal support

Haresh Menghani FXStreet

• A goodish pickup in the US Dollar demand continues exerting downward pressure for the second straight session, reversing all of the gains recorded over the past two days.

• A sustained break below recent daily closing lows support is likely to prompt some aggressive selling and pave the way for a resumption of the prior depreciating slide.

• Short-term technical indicators hold in bearish territory but above oversold boundaries and further reinforce the near-term negative outlook.

NZD/USD daily chart

Current Price: 0.6864
Daily High: 0.6902
Trend: Bearish

Resistance
R1: 0.6883 (Asian session low)
R2: 0.6895 (50-period SMA H1)
R3: 0.6922 (overnight swing high)

Support
S1: 0.6826 (YTD lows set last Thursday)
S2: 0.6800 (round figure mark)
S3: 0.6780 (Nov. 2017 swing low)

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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