NZD/USD Technical Analysis: Key bearish MA crossover seen in hourly chart

  • The 50-hour and 200-hour moving average crossover indicates the path of least resistance is on the downside.
  • The bearish intraday MA studies add credence to the argument the corrective rally ended at 0.6859 and the pair is heading back to the recent low of 0.6688.

Hourly chart

Spot Rate: 0.6780

Daily High: 0.6787

Daily Low: 0.6764

Trend: Bearish

Resistance

R1: 0.6784 (10-day moving average)

R2: 0.6859 (July 9 high)

R3: 0.6906 (50-day moving average)

Support

S1: 0.6748 (previous day's low)

S2: 0.6688 (July 3 low)

S3: 0.6518 (76.4% Fib R of 2015 low - 2017 high)

 

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