NZD/USD technical analysis: 6-week long resistance-line holds the gate to 0.6680

  • A descending trend-line since March 26 continues to be a tough nut for bulls.
  • The further downside can recall October 2018 bottom.

Following its recovery, NZD/USD is trading near 0.6600 ahead of the European session on Friday. However, the pair still trades beneath 0.6620 trend-line resistances that is being stretched since March 26.

Should prices rise beyond 0.6620 upside barrier, 38.2% Fibonacci retracement of its declines since March and multiple highs from April 23 at 0.6680 can gain buyers’ attention.

Also, the pair’s successful trading above 0.6680 enables it to target 0.6715 and 61.8% Fibonacci retracement close to 0.6780.

Alternatively, 0.6570 and 0.6525 can entertain sellers for the time being.

If at all bears rule trade sentiment under 0.6525, 0.6470 can offer an intermediate halt before October 2018 low around 0.6420 grab market attention.

NZD/USD 4-Hour chart

NZD/USD technical analysis: 6-week long resistance-line holds the gate to 0.6680

Trend: Bearish

Additional important levels

Overview
Today last price0.6597
Today Daily Change6 pips
Today Daily Change %0.09%
Today daily open0.6591
 
Trends
Daily SMA200.666
Daily SMA500.675
Daily SMA1000.6771
Daily SMA2000.6721
Levels
Previous Daily High0.6599
Previous Daily Low0.6569
Previous Weekly High0.6686
Previous Weekly Low0.6606
Previous Monthly High0.6838
Previous Monthly Low0.658
Daily Fibonacci 38.2%0.6588
Daily Fibonacci 61.8%0.658
Daily Pivot Point S10.6574
Daily Pivot Point S20.6556
Daily Pivot Point S30.6544
Daily Pivot Point R10.6604
Daily Pivot Point R20.6616
Daily Pivot Point R30.6634

 

 

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