NZD/USD Technical Analysis: Remains vulnerable to slide further below YTD lows, towards 0.6550 area

Haresh Menghani FXStreet

• The pair failed to capitalize on the post-NFP rebound and remained under some selling pressure for the second consecutive session on Monday, inching closer to YTD lows set last week.

• Oscillators on hourly/daily charts maintained their bearish bias and support prospects for an extension of the recent slide from 50% Fibonacci retracement level of the 0.6784-0.6580 downfall.

• A follow-through selling below the 0.6580 level will reaffirm the bearish bias and accelerate the slide further towards 61.8% Fibonacci expansion level support near the 0.6550 region.

• Alternatively, a sustained recovery beyond 23.6% Fibo. level might negate the bearish outlook and prompt some near-term short-covering move towards 0.6650-55 supply zone.

NZD/USD 4-hourly chart

NZD/USD

Overview
Today last price	0.6599
Today Daily Change	-0.0012
Today Daily Change %	-0.18
Today daily open	0.6611

Trends
Daily SMA20	0.6684
Daily SMA50	0.6766
Daily SMA100	0.6778
Daily SMA200	0.6724

Levels
Previous Daily High	0.663
Previous Daily Low	0.6601
Previous Weekly High	0.6686
Previous Weekly Low	0.6606
Previous Monthly High	0.6838
Previous Monthly Low	0.658
Daily Fibonacci 38.2%	0.6619
Daily Fibonacci 61.8%	0.6612
Daily Pivot Point S1	0.6598
Daily Pivot Point S2	0.6585
Daily Pivot Point S3	0.657
Daily Pivot Point R1	0.6627
Daily Pivot Point R2	0.6642
Daily Pivot Point R3	0.6655

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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