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NZD/USD Technical Analysis: Poised to test 50% Fibo. support near 0.6700 handle

   •  Barring a modest uptick earlier this week, the pair has been correcting from 5-1/2 month tops along with a short-term descending trend-channel since the beginning of this month.

   •  Technical indicators on hourly/daily charts have been gaining negative momentum and are still far from being in oversold territory, suggesting an extension of the ongoing downfall.

   •  Hence, a follow-through weakness, toward testing 50% Fibonacci retracement level of the 0.6425-0.6970 upsurge amid the prevalent risk-off mood, looks a distinct possibility.

NZD/USD 1-hourly chart

NZD/USD

Overview:
    Today Last Price: 0.6738
    Today Daily change: -40 pips
    Today Daily change %: -0.590%
    Today Daily Open: 0.6778
Trends:
    Previous Daily SMA20: 0.6847
    Previous Daily SMA50: 0.6734
    Previous Daily SMA100: 0.667
    Previous Daily SMA200: 0.6838
Levels:
    Previous Daily High: 0.6816
    Previous Daily Low: 0.6724
    Previous Weekly High: 0.6912
    Previous Weekly Low: 0.6778
    Previous Monthly High: 0.6887
    Previous Monthly Low: 0.6514
    Previous Daily Fibonacci 38.2%: 0.6759
    Previous Daily Fibonacci 61.8%: 0.6781
    Previous Daily Pivot Point S1: 0.673
    Previous Daily Pivot Point S2: 0.6681
    Previous Daily Pivot Point S3: 0.6638
    Previous Daily Pivot Point R1: 0.6822
    Previous Daily Pivot Point R2: 0.6865
    Previous Daily Pivot Point R3: 0.6914

 

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