NZD/USD Technical Analysis: Immediate support-line at 0.6845 guards the downside

The New Zealand Dollar (NZD) trades around 0.6845 against the USD during early Tuesday.
The pair now rests on an immediate support-line connecting lows marked on February 13 and 15.
Should the pair provides a decisive break below the 0.6845 support, the 0.6800 round-figure may offer intermediate halt during its drop to 50% Fibonacci retracement of December to January downturn, at 0.6775.
Assuming the seller’s dominance past-0.6775, 0.6720 and 0.6700 can become their favorites.
On the flipside, 0.6870 may act as adjacent cap ahead of diverting market attention to 0.6900 horizontal-line.
Additionally, pair’s successful rise over 0.6900 enables it to confront a downward sloping resistance-line stretched since late-December, at 0.6935 now.

Anil Panchal FXStreet

NZD/USD 4-Hour chart

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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