- The pair remained under some heavy selling pressure within a short-term descending channel.
- Oscillators are already flashing oversold conditions and warrant some near-term consolidation.
The NZD/USD pair remained under some heavy selling pressure for the third consecutive session on Friday - also marking its seventh of downfall in the previous eight - and tumbled to fresh multi-year lows in the last hour.
The pair has been drifting lower along a one-week-old descending trend-channel formation on hourly charts, clearly indicating a well-established near-term bearish trend amid a goodish intraday pickup in the USD demand.
Currently flirting with the lower end of the mentioned trend-channel, extremely oversold conditions on hourly charts might hold back investors from placing fresh bearish bets and warrant some near-term consolidation.
Hence, any subsequent fall seems more likely to find some support near August 2015 swing lows, around the 0.6220-15 region, below which the pair might turn vulnerable to head towards testing sub-0.6100 levels in the near-term.
On the flip side, any meaningful recovery attempt now seems to confront some fresh supply near the 0.6300 round-figure mark and should cap any further up-move near the trend-channel resistance, around the 0.6315 region.
NZD/USD 1-hourly chart
|Today last price||0.626|
|Today Daily Change||-0.0041|
|Today Daily Change %||-0.65|
|Today daily open||0.6301|
|Previous Daily High||0.6334|
|Previous Daily Low||0.6298|
|Previous Weekly High||0.6452|
|Previous Weekly Low||0.6372|
|Previous Monthly High||0.659|
|Previous Monthly Low||0.6283|
|Daily Fibonacci 38.2%||0.6312|
|Daily Fibonacci 61.8%||0.632|
|Daily Pivot Point S1||0.6288|
|Daily Pivot Point S2||0.6275|
|Daily Pivot Point S3||0.6252|
|Daily Pivot Point R1||0.6324|
|Daily Pivot Point R2||0.6347|
|Daily Pivot Point R3||0.636|
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