NZDUSD @ 0.63533 – Support/Resistance analysis: Price Analysis: Drops back towards 100-DMA support near 0.6320

Follow Our Twitter

NZDUSD @ 0.63533 – Support/Resistance analysis: Price Analysis: Drops back towards 100-DMA support near 0.6320

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE and login below to read further [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• NZD/USD extends pullback from a four-month-old resistance line.
• RSI’s retreat, softer MACD signals also keep sellers hopeful.
• Monthly support line, 50-DMA can challenge bears below 100-DMA.

The pair currently trades last at 0.63533.

The previous day high was 0.6457 while the previous day low was 0.6355. The daily 38.2% Fib levels comes at 0.6394, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6418, expected to provide resistance.

NZD/USD takes offers to refresh intraday low around 0.6350 as it extends the previous day’s pullback towards the 100-DMA during Tuesday’s Asian session.

In addition to the Kiwi pair’s U-turn from the downward sloping resistance line from late April, around 0.6455 by the press time, recently easing RSI (14) and receding bullish bias of the MACD also favor the latest south-run.

It’s worth noting, however, that the NZD/USD weakness past the 100-DMA support of 0.6320 appears difficult as an upward sloping support line from mid-July, near 0.6260, will precede the 50-DMA level of 0.6244 to challenge the bears.

If at all, the NZD/USD prices remain weak past 0.6244, May’s low around 0.6175 and multiple levels marked near the 0.6100 threshold please the sellers.

On the contrary, recovery remains elusive beneath the aforementioned resistance line, close to 0.6455 at the latest.

Even so, the monthly high near 0.6470 and a horizontal area including highs marked since May, surrounding 0.6570-75, will be crucial to watch for the NZD/USD bulls.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.6349 at the time of writing. Pair opened at 0.6372 and is trading with a change of -0.36% % .

The pair is trading above its 20 Daily moving average @ 0.6294, above its 50 Daily moving average @ 0.627 , below its 100 Daily moving average @ 0.6436 and below its 200 Daily moving average @ 0.6619

The previous day high was 0.6457 while the previous day low was 0.6355. The daily 38.2% Fib levels comes at 0.6394, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6418, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6332, 0.6293, 0.623
• Pivot resistance is noted at 0.6434, 0.6497, 0.6536

[/s2If]