NZD/USD technical analysis: Struggles around multiple support-lines below 10-DMA

The NZD/USD pair’s bounce off near-term key support-lines trails below 10-DMA.
Oversold RSI conditions can please buyers till 21-DMA but May/June lows could disappoint them afterward.

Anil Panchal FXStreet

Although the NZD/USD pair’s bounce off descending trend-lines from May and June calms the traders, the quote still remains beneath near-term key resistances as it takes the rounds to 0.6380 before the Monday’s European session begins.

Among them, 10-day simple moving average (DMA) at 0.6415 acts as immediate resistance ahead of 21-DMA level of 0.6475.

It should, however, be noted that 0.6480/90 area comprising lows marked in May and June becomes the tough nut to crack for the bulls.

On the downside, pair’s declines below 0.6340 open the door for fresh declines to September 2015 bottoms surrounding 0.6240.

While oversold conditions of 14-bar relative strength index (RSI) favors the pair’s pullback, nearby DMAs and May/June lows can keep prices capped.

NZD/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.6376
Today Daily Change	-29 pips
Today Daily Change %	-0.45%
Today daily open	0.6405

Trends
Daily SMA20	0.6478
Daily SMA50	0.6588
Daily SMA100	0.6601
Daily SMA200	0.6707

Levels
Previous Daily High	0.641
Previous Daily Low	0.6364
Previous Weekly High	0.6443
Previous Weekly Low	0.6361
Previous Monthly High	0.6792
Previous Monthly Low	0.6543
Daily Fibonacci 38.2%	0.6393
Daily Fibonacci 61.8%	0.6382
Daily Pivot Point S1	0.6376
Daily Pivot Point S2	0.6347
Daily Pivot Point S3	0.633
Daily Pivot Point R1	0.6422
Daily Pivot Point R2	0.6439
Daily Pivot Point R3	0.6469

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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