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NZD/USD Technical Analysis: Seems poised to test 38.2% Fibo. level ahead of 0.6700 handle

   •  After yesterday's brief pause, the pair came under some renewed selling pressure and tumbled to sub-0.6800 level, or over two-week lows in the last hour.

   •  The pair's inability to move back above 100-hour SMA was seen as one of the key factors prompting some aggressive long-unwinding trade on Friday.

   •  A sustained weakness below 23.6% Fibonacci retracement level of the 0.6424-0.6970 recent recovery move further acted as a key trigger for bearish traders.

   •  Technical indicators on hourly charts are already pointing to oversold conditions and thus, warrant some near-term consolidation/minor pull-back.

   •  However, oscillators on the daily chart have just started gaining negative momentum and suggest that any meaningful bounce is likely to get sold into.

   •  The set-up favours an extension of the intraday downfall towards 38.2% Fibonacci retracement level en-route the 0.6700 handle ahead of the US macro data.
 

NZD/USD 1-hourly chart

NZD/USD

Overview:
    Today Last Price: 0.6792
    Today Daily change: -72 pips
    Today Daily change %: -1.05%
    Today Daily Open: 0.6864
Trends:
    Previous Daily SMA20: 0.6854
    Previous Daily SMA50: 0.67
    Previous Daily SMA100: 0.667
    Previous Daily SMA200: 0.685
Levels:
    Previous Daily High: 0.688
    Previous Daily Low: 0.6842
    Previous Weekly High: 0.697
    Previous Weekly Low: 0.6846
    Previous Monthly High: 0.6887
    Previous Monthly Low: 0.6514
    Previous Daily Fibonacci 38.2%: 0.6865
    Previous Daily Fibonacci 61.8%: 0.6856
    Previous Daily Pivot Point S1: 0.6844
    Previous Daily Pivot Point S2: 0.6824
    Previous Daily Pivot Point S3: 0.6806
    Previous Daily Pivot Point R1: 0.6882
    Previous Daily Pivot Point R2: 0.69
    Previous Daily Pivot Point R3: 0.692

 

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