NZD/USD Technical Analysis: Set-up favors an extension of the bearish slide towards 0.6800 mark

Haresh Menghani FXStreet

• The pair extended the overnight retracement slide from 1-1/2 week tops and remained under some selling pressure through the mid-European session on Tuesday.

• The pair's inability to sustain above 50-hour SMA/23.6% Fibo. level of the 0.6720-0.6894 post-RBNZ upsurge was seen as a key trigger for intraday bearish traders.

• Meanwhile, technical indicators on the 1-hourly chart have been drifting into bearish territory and have also started losing positive momentum on 4-hourly/daily charts.

• A subsequent break below 38.2% Fibo. level sets the stage of an extension of the corrective slide further towards testing 200-hour SMA support, near the 0.6800 handle.

NZD/USD 1-hourly chart

NZD/USD

Overview:
    Today Last Price: 0.6825
    Today Daily change %: -0.39%
    Today Daily Open: 0.6852
Trends:
    Daily SMA20: 0.6821
    Daily SMA50: 0.6788
    Daily SMA100: 0.6734
    Daily SMA200: 0.6752
Levels:
    Previous Daily High: 0.6894
    Previous Daily Low: 0.6839
    Previous Weekly High: 0.6875
    Previous Weekly Low: 0.6719
    Previous Monthly High: 0.694
    Previous Monthly Low: 0.6516
    Daily Fibonacci 38.2%: 0.686
    Daily Fibonacci 61.8%: 0.6873
    Daily Pivot Point S1: 0.683
    Daily Pivot Point S2: 0.6807
    Daily Pivot Point S3: 0.6775
    Daily Pivot Point R1: 0.6885
    Daily Pivot Point R2: 0.6917
    Daily Pivot Point R3: 0.694

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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