Mar 25, 2019
NZD/USD Technical Analysis: 0.6900 can keep being bulls favorite unless breaking 0.6860
- NZD/USD trades near 0.6875 during early Monday.
- The pair recently bounced off the eight-week-old descending trend-line (previous resistance) signaling buyers’ hold over the pair.
- Should prices manage to sustain the latest uptick, late-February highs around 0.6900 could reappear on the chart.
- However, a downward sloping trendline joining highs marked since June 2018 could challenge buyers around 0.6920.
- In a case quote rises past-0.6920, recent high near 0.6940 and 61.8% Fibonacci expansion of latest moves, around 0.6980, can please bulls.
- On the downside break of 0.6860, 0.6825 and 0.6800 could lure bears whereas two-month-old ascending support-line at 0.6755, may question their strength afterward.
- During additional declines under 0.6755, 0.6720 and 0.6700 might come back as quotes.
NZD/USD 4-Hour chart