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
Today Last Price: 0.6792
Today Daily change: -72 pips
Today Daily change %: -1.05%
Today Daily Open: 0.6864
Previous Daily SMA20: 0.6854
Previous Daily SMA50: 0.67
Previous Daily SMA100: 0.667
Previous Daily SMA200: 0.685
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