• The pair stalled its recent recovery from near 32-month lows touched early this month and is now retracing from a resistance marked by 4-1/2-month-old descending trend-channel.
• Adding to this, the pair has also failed to find acceptance above 50-day SMA, suggesting that the near-term recovery move might have already run out of steam.
• Technical indicators on the daily chart are still far from moving into positive territory and add credence to the near-term bearish set-up, paving the way for an additional near-term downfall.
• A convincing break below the key 0.6500 psychological mark will reinforce the negative outlook and turn the pair vulnerable to resume its prior/well-established depreciating move.
NZD/USD daily chart
-636758153622011084.png)
NZD/USD
Overview:
Last Price: 0.6565
Daily change: -24 pips
Daily change: -0.364%
Daily Open: 0.6589
Trends:
Daily SMA20: 0.6552
Daily SMA50: 0.659
Daily SMA100: 0.6713
Daily SMA200: 0.6958
Levels:
Daily High: 0.6609
Daily Low: 0.6524
Weekly High: 0.6609
Weekly Low: 0.6494
Monthly High: 0.67
Monthly Low: 0.6501
Daily Fibonacci 38.2%: 0.6576
Daily Fibonacci 61.8%: 0.6556
Daily Pivot Point S1: 0.6539
Daily Pivot Point S2: 0.6489
Daily Pivot Point S3: 0.6454
Daily Pivot Point R1: 0.6624
Daily Pivot Point R2: 0.6658
Daily Pivot Point R3: 0.6708
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