NZD/USD technical analysis: Struggles near weekly lows, around 200-hour SMA


  • 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

fxsoriginal

NZD/USD

Overview
Today last price 0.6364
Today Daily Change -0.0020
Today Daily Change % -0.31
Today daily open 0.6384
 
Trends
Daily SMA20 0.6323
Daily SMA50 0.6344
Daily SMA100 0.6477
Daily SMA200 0.6605
 
Levels
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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