NZD/USD Technical Analysis: Bears to target 0.6700 handle, ascending trend-channel support
• The pair extended last week's corrective slide from near four-week tops and remained under some selling pressure for the fifth consecutive session on Monday.
• The downfall has been along a descending trend-channel formation on short-term charts, pointing to increasing selling bias and a well-established bearish trend.
• The fact that the pair is holding well below its important intraday moving averages - 50, 100 & 200-hour SMA, adds credence to the near-term negative outlook.
• Bearish technical indicators on hourly/daily chart further reinforce the bearish set-up and point to an extension of the downfall towards testing the channel support.
NZD/USD 1-hourly chart
-636836517132214185.png)
NZD/USD
Overview:
Today Last Price: 0.6732
Today Daily change: -0.0009 pips
Today Daily change %: -0.13%
Today Daily Open: 0.6741
Trends:
Daily SMA20: 0.6746
Daily SMA50: 0.6797
Daily SMA100: 0.6688
Daily SMA200: 0.6783
Levels:
Previous Daily High: 0.6785
Previous Daily Low: 0.6739
Previous Weekly High: 0.685
Previous Weekly Low: 0.6727
Previous Monthly High: 0.697
Previous Monthly Low: 0.6686
Daily Fibonacci 38.2%: 0.6756
Daily Fibonacci 61.8%: 0.6767
Daily Pivot Point S1: 0.6725
Daily Pivot Point S2: 0.6709
Daily Pivot Point S3: 0.668
Daily Pivot Point R1: 0.6771
Daily Pivot Point R2: 0.6801
Daily Pivot Point R3: 0.6817