- Extends this week’s pullback from the 0.6430-35 supply zone.
- Bears are likely to wait for a sustained break below mid-0.6300s.
The NZD/USD pair remained under some selling pressure for the second consecutive session on Friday and dropped to fresh weekly lows, albeit showed some resilience below 200-hour SMA.
This is closely followed by support marking 38.2% Fibonacci level of the 0.6204-0.6436 move up, around mid-0.6300s, which if broken might be seen as a key trigger for bearish traders.
Meanwhile, technical indicators on hourly charts maintained their bearish bias and have been losing traction on the daily chart, supporting prospects for a further near-term downfall.
Weakness below the mentioned support is likely to get extended towards 50% Fibo. level, around the 0.6320 region, before the pair eventually drops to test sub-0.6300 levels (61.8% Fibo.).
On the flip side, immediate resistance is now pegged near the 23.6% Fibo. level, around the 0.6385 region, above which bulls are likely to challenge the 0.6430-35 supply zone (the recent swing high).
NZD/USD 1-hourly chart
|Today last price||0.6364|
|Today Daily Change||-0.0020|
|Today Daily Change %||-0.31|
|Today daily open||0.6384|
|Previous Daily High||0.6426|
|Previous Daily Low||0.6374|
|Previous Weekly High||0.6391|
|Previous Weekly Low||0.624|
|Previous Monthly High||0.6452|
|Previous Monthly Low||0.6249|
|Daily Fibonacci 38.2%||0.6394|
|Daily Fibonacci 61.8%||0.6406|
|Daily Pivot Point S1||0.6364|
|Daily Pivot Point S2||0.6343|
|Daily Pivot Point S3||0.6312|
|Daily Pivot Point R1||0.6415|
|Daily Pivot Point R2||0.6446|
|Daily Pivot Point R3||0.6466|
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