#NZDUSD @ 0.61994 -imp levels: takes offers to refresh intraday low, pares weekly gains.

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• NZD/USD takes offers to refresh intraday low, pares weekly gains.
• Seven-week-old broad support area appears major challenge for bears.
• Bearish MACD signals, downbeat RSI strengthens downside bias.

The pair currently trades last at 0.61994.

The previous day high was 0.6252 while the previous day low was 0.6174. The daily 38.2% Fib levels comes at 0.6222, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6204, expected to provide resistance.

NZD/USD holds lower ground near the 0.6200 threshold as it again reverses from the 50-DMA hurdle during Friday’s Asian session. Also keeping the Kiwi pair bears hopeful are the downbeat MACD signals and softer RSI (14), not oversold.

With this, the quote is likely to retest a horizontal support zone established since early July, between 0.6130 and 0.6150.

In a case where the NZD/USD bears keep reins past 0.6130, the 0.6100 round figure may act as an intermediate halt before directing them to the yearly low near 0.6060.

It should be noted that the Kiwi pair’s weakness past 0.6060 could make it vulnerable to testing the 0.6000 psychological magnet, as well as the 61.8% Fibonacci Expansion (FE) of April-August moves, at 0.5895 by the press time.

Meanwhile, a daily closing beyond the 50-DMA resistance level surrounding 0.6235 could quickly propel the NZD/USD prices towards the 0.6300 hurdle.

However, the bullish bias remains doubtful until the quote trades below a four-month-old descending resistance line, close to 0.6445 at the latest.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6197 at the time of writing. Pair opened at 0.6233 and is trading with a change of -0.58% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6288, 50 SMA 0.6251, 100 SMA @ 0.638 and 200 SMA @ 0.6586.

The previous day high was 0.6252 while the previous day low was 0.6174. The daily 38.2% Fib levels comes at 0.6222, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6204, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6188, 0.6142, 0.611
• Pivot resistance is noted at 0.6265, 0.6298, 0.6343

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