NZD/USD technical analysis: Near-term set-up remains in favour of bearish traders

The NZD/USD pair failed to capitalize on the overnight attempted positive move and met with some fresh supply on Wednesday, slipping below the 0.6400 handle to hit two-week lows in the last hour.
Given that the pair has been drifting lower along a descending trend-channel formation on hourly charts, the set-up remains firmly in favour of short-term bearish traders amid a modest USD uptick.

Haresh Menghani FXStreet

This coupled with the fact that technical indicators on hourly charts have been holding in the negative territory further reinforce the near-term bearish bias, slightly oversold conditions on the daily chart warrant some caution before placing any aggressive bets.

Hence, any subsequent slide below the 0.6400 round figure mark seems more likely to find decent support near the lower end of the trend-channel – currently near the 0.6380-75 region – which coincides with the post-RBNZ multi-year lows touched earlier this month.

On the flip side, any attempted recovery might continue to confront fresh supply near the top end of the trend-channel - currently around the 0.6430 region - which if cleared might prompt a near-term short-covering move towards reclaiming the key 0.6500 psychological mark.

NZD/USD 4-hourly chart

NZD/USD

Overview
Today last price	0.6404
Today Daily Change	-0.0011
Today Daily Change %	-0.17
Today daily open	0.6415

Trends
Daily SMA20	0.652
Daily SMA50	0.6597
Daily SMA100	0.6612
Daily SMA200	0.6713

Levels
Previous Daily High	0.643
Previous Daily Low	0.6402
Previous Weekly High	0.6475
Previous Weekly Low	0.6421
Previous Monthly High	0.6792
Previous Monthly Low	0.6543
Daily Fibonacci 38.2%	0.6419
Daily Fibonacci 61.8%	0.6413
Daily Pivot Point S1	0.6401
Daily Pivot Point S2	0.6388
Daily Pivot Point S3	0.6373
Daily Pivot Point R1	0.6429
Daily Pivot Point R2	0.6444
Daily Pivot Point R3	0.6457

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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