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- NZD/USD Price Analysis: Retreats from previous support around 0.6700
NZD/USD Price Analysis: Retreats from previous support around 0.6700
- NZD/USD dribbles around two-week top, remains pressured of late.
- Failures to cross two-month-old support-turned-resistance join steady RSI to keep sellers hopeful.
- Convergence of 10-DMA, fortnight-old support line limits short-term declines.
NZD/USD struggles to extend three-day top, recently downbeat around 0.6680 ahead of Thursday’s European session.
In doing so, the Kiwi pair portrays the failure to cross lows marked in December 2021 around 0.6700. Adding to the bearish bias is the steady RSI and multiple hurdles on the north.
That said, the pair’s pullback needs validation from a confluence of the 10-DMA and an ascending trend line from January 28, near 0.6630.
Following that, the 0.6600 threshold and yearly bottom surrounding 0.6530 may entertain NZD/USD bears.
On the flip side, a clear break of the 0.6700 will direct NZD/USD prices towards the 50-DMA level near 0.6745.
However, a descending resistance line from October 28 will challenge the pair’s further upside around 0.6770.
Overall, NZD/USD remains on the bear’s radar with eyes on 0.6630.
NZD/USD: Daily chart
Trend: Pullback expected
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