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- NZD/USD Price Analysis: Sellers attack 100-SMA inside familiar trading range
NZD/USD Price Analysis: Sellers attack 100-SMA inside familiar trading range
- NZD/USD keeps FOMC Minutes-led bearish bias, recently depressed around intraday low.
- Oscillators suggest continuation of sideways grind but bears command more powers.
- 200-SMA, key Fibonacci retracement levels add to the upside filters.
NZD/USD remains pressured around daily low, keeping the previous day’s bearish bias. That said, the kiwi pair edges lower to 0.6790 during Thursday’s Asian session.
Even so, NZD/USD stays inside a short-term trading range between 0.6860 and 0.6770.
Given the quote’s pullback from 0.6838, on Wednesday, NZD/USD bears are likely to retest the 0.6860. The hopes of the pair’s further downside, also keeping the stated range, take clues from steady RSI and recently sluggish MACD.
That said, the 200-SMA level of 0.6810 acts as an immediate hurdle before the 0.6860 resistance. However, an upside clearance of 0.6860 will open the door for the Kiwi pair’s run-up towards 50% and 61.8% Fibonacci retracement (Fibo.) of mid-November to December downside, respectively around 0.6890 and 0.6935.
On the contrary, 0.6740 may test the NZD/USD bears past 0.6770 before offering them the year 2021 low near 0.6701.
NZD/USD: Four-hour chart
Trend: Further weakness expected
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